While the Embargo may have punished the US and caused us to make concessions, it pretty much broke OPEC. One could realistically argue that OPEC took 25+ years to get over the damage it did to itself. Member states who feel economically served by OPEC are probably not going to let history repeat itself. And with the rise of Nigeria and other non-arab OPEC members and the maturing of their Oil fields, OPEC is losing what little political and ideological unity it had historically.
OPEC is not a monolith, its not a power block. Its a herd, and many member states of OPEC have historically been quite happy to do things like up production under the table while agreeing to a production drop, so as to line their pockets at the expense of other OPEC producers.
Yeti
Current Events » in reply to re: No, I'm not getting away from the subject
PS OPEC and the Embargo
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