Exactly, although I believe the OPEC countries are no longer the major players they were. Having said that, if we now have to go cap in hand to them because of supply problems elsewhere, then.......who knows!
I remember the advent of petrol rationing in 1973, in fact I still have my book of ration coupons which I kept as a souvenir of those days. They were never used in the end because the petrol stations themselves imposed limits on how much petrol you could buy. Imagine that today and the panic that would cause!