From the earliest years, the Kingdom of Saudi Arabia has shown a considerable degree of sophistication in its attitude to the oil market. From 1974, the Kingdom has continuously used its influence to try to impose some degree of stability on the oil market. It has consistently shown an understanding of the economic needs of consuming nations, as well as those of its fellow producers. (Indeed, by accepting the dollar as the currency for oil payments, Saudi Arabia has even shared the consequences of dollar inflation and the devaluation of the money paid for oil.)

At this point we should perhaps consider what has happened to the price of oil over the last three decades if we take inflation into account. When the oil-consuming nations complain about the price of oil, they forget that, even at US$25–$30 a barrel today, oil is far from being at a historically high level.

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