The decline curve for shale wells is very steep. If they stop drilling New wells the abundant supply of hydrocarbons will disappear pretty fast.
At a certain price level producing, installed wells will just be turned off unless the owner is desperate to make payments on financing of same.
I believe the oil quality is pretty good for these though. Places like Venezuela are hating life now, their oil is crap, and unless oil is over 90 plus something a barrel, no one wants to run it through their refineries.