No. The 1970s oil crisis was a complex affair reflecting issues particular to that time and it is unlikely to be repeated.

Indeed, we all learned a lot from that experience. We know that if oil prices go too high or too low it will be harmful both to oil producers and oil consumers, both in the short- and long-term.

OPEC is dedicated to providing a stable oil market, with reasonable prices and steady supplies to consumers.

Consider the example of the Gulf Crisis in 1990, when production of several million barrels per day of oil from Iraq and Kuwait was suddenly halted, leading to a rapid rise in world oil prices. Those Member Countries not involved decided to increase their oil supplies in order to make up for the shortfall. As a result, oil prices stabilised and came down again to reasonable levels. However, there is always potential for instability in the oil market.

OPEC continues to seek co-operation among all oil producers and consumers. Such co-operation is necessary to ensure stability