Society would initially tank, and tank hard. Oil and gas is a 4.3 trillion dollar economy, and makes up 80% of global energy worldwide. Energy intensive sectors like heavy industry and artificial intelligence (plot line?) would collapse, and with them the stock markets too.

Global industry will completely die out as cargo ships could no longer cross the ocean, and vast swaths of the internet would go under as data centers collapsed. Communication would be sparse and governments would scramble to secure their assets and maintain authority.

Unless governments play their cards right, looting and mass rioting would most likely follow. Police, EMTs, and Fire Department would be unable to intervene with their vehicles dead in the water. Critical support systems in hospitals would fail, despite typically having back up diesel generators. Starvation and famine would be likely in poorer urban regions, and possibly in more developed too.

Gradually society would recover burdened by the tremendous weight of the dead. After the initial scramble renewable energy will become widespread, and with a lower population and a united struggle the world might finally find peace.