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Strangely enough, the US abandoned the costly price controls, and liberalized energy markets in the early 1980s. OPEC had no quota system and no mechanism to manage the market at that time— not even political clout. OPEC has no legal power over its members and no enforcement mechanism.
Its reach out to the European powers party to a 2015 nuclear deal suggests Tehran is keeping its options open. Trump, who abandoned the 2015 pact between Tehran and world powers during his first term in 2018, has threatened to attack Iran unless it reaches a new deal swiftly that would prevent it from developing a nuclear weapon.
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