The biggest beneficiaries of Saudi output curbs today would be solar and wind producers. The unit cost of renewables has already fallen sharply as a result of technological advances, and each ratcheting up of oil prices will make solar and wind more competitive.
Sure, all three are methods of producing power. But we don’t actually use oil – less than 1% of UK supply last I looked – to produce electricity. The electric car fleet’s not large enough to make any difference as yet and transport is where we use near all the oil. Plastics are largely natural gas these days. So is heating, cooking. Or electric. And as Gazprom has found out gas prices don’t mimic oil any more.
Sure, in the long term they’re all substitutes for each other. But only over decades. A change in the oil price isn’t going to move the dial on wind or solar in anything measured in single digit years.