Oil dropped in the 80's because of the OPEC embargo leading to a surge in production outside OPEC. Then Saudi Arabia realized they could no longer support the

Oil dropped in the 80's because of the OPEC embargo leading to a surge in production outside OPEC. Then Saudi Arabia realized they could no longer support the market and so flooded the market instead to cripple the competition (they are the lowest cost producers). They tried the same playbook in 2014, but shale is too short cycle to be knocked out long term. Further they were able to secure help from Russia so they cut production afterwards.