1982 world oil market chronology
Encyclopedia
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.
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1981 world oil market chronology
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Chronology of world oil market events (1970-2005)
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1983 world oil market chronology
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OPEC
OPEC 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...
appears to lose control over world oil prices.
- March: DamascusDamascusDamascus , commonly known in Syria as Al Sham , and as the City of Jasmine , is the capital and the second largest city of Syria after Aleppo, both are part of the country's 14 governorates. In addition to being one of the oldest continuously inhabited cities in the world, Damascus is a major...
closes 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....
's 400000 oilbbl/d trans-SyriaSyriaSyria , officially the Syrian Arab Republic , is a country in Western Asia, bordering Lebanon and the Mediterranean Sea to the West, Turkey to the north, Iraq to the east, Jordan to the south, and Israel to the southwest....
n oil export pipeline to show support for 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...
. - March 11: U.S. boycotts 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....
n crude. - May 24:Iran recaptures KhorramshahrKhorramshahrKhorramshahr is a city in and the capital of Khorramshahr County, Khuzestan Province, Iran. At the 2006 census, its population was 123,866, in 26,385 families.Khorramshahr is a port city located approximately north of Abadan...
. - June: Iran demands $150 billion in war reparations; pledges war until Iraq's Hussein stands trial.
- June 10: Iraq declares unilateral cease-fire.
- July 13: Iran launches first attack into Iraq.
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1981 world oil market chronology
1981 world oil market chronology
Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members.*January: Iraq repels first major Iranian offensive.*January 28: U.S...
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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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1983 world oil market chronology
1983 world oil market chronology
Oil glut takes hold. Demand falls as a result of conservation, use of other fuels and recession. OPEC agrees to limit overall output to 17.5 MMB/D. OPEC agrees to individual output quotas and cuts prices by $5 to $29 per barrel....
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