It's slightly different this time. OPEC hasn't got the clout that it used to have especially when the world's largest consumer doesn't need it. The world is awash with oil and even China is using its clout to make itself self sufficient.
<a href='http://www.macrotrends.net/2562/us-crude-oil-production-historical-chart'>U.S. Crude Oil Production - Historical Chart</a>
There's a lot more bad news for OPEC in the attached graphs.
Crude Oil Prices - 70 Year Historical Chart | MacroTrends