1983 world oil market chronology
Encyclopedia
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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1982 world oil market chronology
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Chronology of world oil market events (1970-2005)
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1984 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...
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.
- April: 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....
increases missile attacks on 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...
. - July 20–30: Iran moves into northern Iraq. Casualties top 13,800 in ten days.
- July 26: U.S. threatens action to preserve navigation in Persian GulfPersian GulfThe Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...
. - July–August: Heavy fighting and casualties in Iran-Iraq warIran-Iraq WarThe Iran–Iraq War was an armed conflict between the armed forces of Iraq and Iran, lasting from September 1980 to August 1988, making it the longest conventional war of the twentieth century...
. - October: Iran attacks northern Iraq, threatening KirkukKirkukKirkuk is a city in Iraq and the capital of Kirkuk Governorate.It is located in the Iraqi governorate of Kirkuk, north of the capital, Baghdad...
pipeline.
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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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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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1984 world oil market chronology
1984 world oil market chronology
*February - March: Iran captures Najnoon Islands.*March 27: Beginning of "tanker war." Over the next nine months, 44 ships, including Iranian, Iraqi, Saudi Arabian and Kuwaiti tankers, are attacked by Iraqi or Iranian warplanes or damaged by mines....
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