A couple of reasons why I think we won't replay the '80s:
1) KSA went from 2-5mmbopd overnight and I don't think they have 3mmb extra now (the rest of OPEC has peaked for all intents).
2) Non-OPEC production increased from 25-37mmbopd between 75 & 85 - today it's flat or falling aside from US LTO - we can't do a 12mmbopd increase again especially if RU is peaked (it kept production from falling through the oughties but has started to plateau, plus it's own consumption is rising)
3)Industrial and electricity generation use of oil dropped in the '80s and didn't come back - transport didn't drop as much and was already growing again by 85 just like it is now - we won't reprise those savings this time around.
4) In the '80s the overall "decline" rate was actually positive - older wells produced
more oil! Today decline is as it's name implies, a loss of production, and the rate is increasing, so any extra must replace decline first
5) we are already supply constrained so even if the 2-3mmbopd that's offline due to politics did come back tomorrow the economy would suck it up with no problem and still want more.
6) new marginal production requires high prices and the nature of the fastest growing oil (LTO) means new production can be turned on and off on a few months instead of a decade's notice
That's all I have time for right now.
The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
-- Abraham Lincoln, Fragment on Government (July 1, 1854)