Oil industry plans for price correction not crash

International oil firms and OPEC producers have learned from the 1980s price crash and those harsh lessons are helping them to plan for an orderly retreat from today’s record prices.

The history of oil is punctuated by price collapses but the sharp falls of the mid-1980s were different from most in that they were partly triggered by the industry, which flooded the market with oil and ultimately lost money on uneconomic fields.
Reuters