1979 world oil market chronology
Encyclopedia
- January: First emergency Crude Oil Buy-Sell Program allocations.
- January 16: ShahPahlavi dynastyThe Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi and Mohammad Reza Shah Pahlavi The Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi (reg. 1925–1941) and Mohammad Reza Shah Pahlavi The Pahlavi dynasty ...
leaves IranIranIran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
on vacation, never to return. BakhtiarShapour BakhtiarShapour Bakhtiar was an Iranian political scientist, writer and the last Prime Minister of Iran under Shah Mohammad Reza Pahlavi...
government established by the Shah to preside until unrest subsides. - January 20: Saudi ArabiaSaudi ArabiaThe Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
announces drastic cut in first-quarter production. 9.5 MMBD ceiling imposed. Although actual cuts never reach announced levels, spot prices of Middle EastMiddle EastThe Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
light crudes rise 36 percent. - January 20: One million Iranians march in TehranTehranTehran , sometimes spelled Teheran, is the capital of Iran and Tehran Province. With an estimated population of 8,429,807; it is also Iran's largest urban area and city, one of the largest cities in Western Asia, and is the world's 19th largest city.In the 20th century, Tehran was subject to...
in a show of support for the exiled Ayatollah KhomeiniRuhollah KhomeiniGrand Ayatollah Sayyed Ruhollah Musavi Khomeini was an Iranian religious leader and politician, and leader of the 1979 Iranian Revolution which saw the overthrow of Mohammad Reza Pahlavi, the Shah of Iran...
, fundamentalist MuslimMuslimA Muslim, also spelled Moslem, is an adherent of Islam, a monotheistic, Abrahamic religion based on the Quran, which Muslims consider the verbatim word of God as revealed to prophet Muhammad. "Muslim" is the Arabic term for "submitter" .Muslims believe that God is one and incomparable...
leader. - February 12: Bakhtiar resigns as prime minister of Iran after losing support of the military.
- March 5: Iran resumes petroleum exports.
- Spring: Gasoline shortage/world oil glut.
- March 26: OPECOPECOPEC is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings...
makes full 14.5 percent price increase for 1979 effective on April 1. Marker crude raised to $14.56 per barrelBarrel (unit)A barrel is one of several units of volume, with dry barrels, fluid barrels , oil barrel, etc...
. - May: United States Department of EnergyUnited States Department of EnergyThe United States Department of Energy is a Cabinet-level department of the United States government concerned with the United States' policies regarding energy and safety in handling nuclear material...
(DOE) announces $5 per barrel entitlement to importers of heating oil. Saudi Arabia announces intention to increase direct sales and to sell less through Aramco. Both announcements send prices higher. - June 1: Phased oil price decontrol begins. Involves gradual 28 month increase of "old" oil price ceilings, and slower rate of increase of "new" oil price ceilings.
- June 26–28: OPEC raises prices average of 15 percent, effective July 1.
- October: Buy-Sell Program sales average more than 400000 oilbbl/d from October 1979 through March 1980 - highest level since February 1976, due to emergency allocations.
- October: CanadaCanadaCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
eliminates light crude oil exports to U.S. refiners, except for those exports required by operational constraints of pipelines. - November 4: Iran takes western hostages.
- November 12: U.S. President Jimmy CarterJimmy CarterJames Earl "Jimmy" Carter, Jr. is an American politician who served as the 39th President of the United States and was the recipient of the 2002 Nobel Peace Prize, the only U.S. President to have received the Prize after leaving office...
orders cessation of Iranian imports to U.S. - November 15: Iran cancels all contracts with U.S. oil companies.
- December 13: Saudi Arabia raises marker crude price to $24 per barrel.
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1978 world oil market chronology
1978 world oil market chronology
*January: Student protests against government of Reza Pahlavi, Shah of Iran, begin, touching off a wave of political unrest and violent clashes between police and demonstrators...
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Chronology of world oil market events (1970-2005)
Chronology of world oil market events (1970-2005)
-1970:*January 1: U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent.*May 3: TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, creating all-time tanker rate highs from June to December....
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1980 world oil market chronology
1980 world oil market chronology
*March 1: Windfall Profits Tax enacted.*May: Saudi Light raised to $28.00 per barrel, retroactive to April 1.*Apr-September: : Buy-Sell Program allocations drop to average of for period April to September 1980.:...
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