The people most likely to be happy with this are the Saudis. Their strategy of not cutting production seems to have worked. Prices fell to ensure that some supply has gone offline.
Now prices are on an upward trend again.
The reason they can't cut production is that their entire state is a giant socialist "paradise" with a thousand princes. If they turn off the flow their entire state will implode in ISIS like instability.
They don't have ample to spare for politics anymore and their production has peaked years ago now. Soon (5-20 years) the entire country as we know it will be in trouble/disappear.
You can also look at satellite pictures from before ~2009 I think and after, they used up all their ground water and their crop production fell in a single year by 75%. Now mostly they import food.
Trust me you don't want to be a Saudi they have nothing but oil, no skills or education and the oil is running out.