1981 world oil market chronology
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Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members.
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1980 world oil market chronology
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Chronology of world oil market events (1970-2005)
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1982 world oil market chronology
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- January: IraqIraqIraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
repels first major 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...
ian offensive. - January 28: U.S. President Ronald ReaganRonald ReaganRonald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
lifts remaining domestic petroleum price and allocation controls originally scheduled to expire in September 1981. - April: After meetings in BaghdadBaghdadBaghdad is the capital of Iraq, as well as the coterminous Baghdad Governorate. The population of Baghdad in 2011 is approximately 7,216,040...
and 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...
, attempts by nine Islamic Conference leaders to mediate peace between Iraq and Iran fail. - August: Windfall profits taxWindfall profits taxA windfall profits tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry.-United Kingdom:In the United Kingdom, the Windfall Tax was a tax levied on privatised utility companies.-United States:...
reduced. - September 27–28: Iran defends its besieged port of Abadan, driving back Iraqi forces.
- October: 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...
reaches an agreement to unify crude price at $32 per barrelBarrel (unit)A barrel is one of several units of volume, with dry barrels, fluid barrels , oil barrel, etc...
through 1982 and sets an ultimate price ceiling of $38 per barrel. - November 4: ExxonExxonExxon is a chain of gas stations as well as a brand of motor fuel and related products by ExxonMobil. From 1972 to 1999, Exxon was the corporate name of the company previously known as Standard Oil Company of New Jersey or Jersey Standard....
withdraws its operations from LibyaLibyaLibya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
, which are taken over by the Sirte Oil CompanySirte Oil CompanySirte Oil Company is an oil and gas company of Libya operating under the state-owned National Oil Corporation . The company is located in Brega SOC’s operations include oil and gas exploration and production and manufacturing.-Background:...
(SOC), a subsidiary of the National Oil CorporationNational Oil CorporationThe National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around 70% the country's oil output...
. - November 29: Major Iranian offensive mounted on central front.
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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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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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1982 world oil market chronology
1982 world oil market chronology
Indications of a world oil glut led to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices.*March: Damascus closes Iraq's trans-Syrian oil export pipeline to show support for Iran.*March 11: U.S...
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