There is a certain point where you break even on a well and price of oil determines it. When it reaches the point that the energy required to lift it exceeds the profits from it you shut it down. Let me add this is one of the worst things you can do with a well due to corrosion and paraffin but when it hits that point you flip the switch.
Can you conceive of a well already drilled and in production that didn’t pay to keep pumping at $80?