Cutt pointed to the 1980s when production grew from non-Opec regions such as the North Sea and Mexico, and Opec increased output which drove prices down and allowed them to steadily regain market share.
Similarly in recent times Opec heavy weight Saudi Arabia has maintained production despite oversupply in the market created by the US shale boom.
"Following more than a decade of flat prices and significant industry consolidation, the supply overhang subsided and prices did indeed recover,” Cutt said.
“I
