Bring it! Let’s see what happens.
OPEC may not be scared of $40 oil, but the Russian Federation sure is. And maybe not all the OPEC nations are on board, like the situation with Venezuela, as their only source of income dwindles to WAY less than their cost of production.
The real objective was and is to shut down fracking as a technique of oil recovery. It may be possible to reduce the cost of using that method, which in the long run would be a good thing, making much more of the world less dependent on foreign sources of oil, but on the short run, many of the facilities now drilling in shale beds will simply close up shop for the duration.
Shale beds are much more widely distributed geographically than actual pockets of recoverable crude and natural gas. The real breakthrough will be in the recovery of Methane Hydrate from the ocean floor by economical means.