Oil, like every other primary product, has historically been a highly volatile global commodity. Periods of global economic expansion and decline have been accompanied by rapid price fluctuations. This pattern has been a norm within the energy sector and one that successive governments have been cautioned to avoid (Rentschler, 2013; Sani, 2019; Tehranchian & Seyyedkolaee, 2017). The current instability in Eastern Europe has only served to add greater uncertainty to world energy markets. Adding to this uncertainty in recent times is the willingness of major oil producers to flex their power to ensure some market stability and lasting economic growth.