Not in this century. In fact, countries like Saudi Arabia, UAE, Russia, Iran, Canada, and Venezuela will only grow in importance as the century goes on. Oil and gas reserves will become more valuable than ever.

Renewable energy has largely been proven to be a wasteful and expensive grift. Only nuclear fusion can be a really affordable renewable and the project has largely gone nowhere. It's not easy to simulate the sun for sustained periods of time.

Thus, oil and gas will continue to be the main energy source for humanity for the foreseeable future. The demand for energy will grow rapidly in the coming decades as China and the third world experience rapid economic growth due to economic liberalization. Soviet-inspired socialism hindered growth in India, Pakistan, Bangladesh, and most of the third world during the cold war.

There's no reason why China's GDP per capita shouldn't grow from 10k to 25k similar to South Korea. They have the same human capital and much greater resources. That alone would add 20 trillion to global GDP. Then factor in India doubling its GDP as well. Africa will see greater growth as well.

This huge economic expansion will drive up the need for fossil fuels, particularly oil and gas. More consumption means more automobiles, more plastic goods, more electronics meaning more polymers, more food meaning more agriculture which requires more fertilizers(which need gas to make).

Then add in increasing global trade. A single super container consumes as much fuel as 50 million cars. There are thousands of such ships and thousands will be added in the coming decades.

Saudi Arabia isn't going anywhere. The only way it can collapse is if there's a catastrophic war with Iran and the Iranians either invade SA or destroy its critical oil infrastructure with ballistic missile strikes.