The era of transformation ///

As the 1980s got underway, the future was looking bright for the upstream industry. However, as has happened so many times before, and will likely happen again, the boom gave way to bust. While Saudi Arabia had initially curbed its production to accommodate increased supply from non-OPEC nations, the kingdom changed tack around the middle of the decade and ramped up production sharply. World Oil responded to the market share battle by throwing its full weight behind the ultimately unsuccessful campaign for an oil import fee, which was designed to alleviate the pressure on the domestic industry.

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