Chronology of world oil market events

The 1970s

See: 1970-1979 world oil market chronology

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

The 1980s

See: 1980-1989 world oil market chronology

1980

1981

Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted.

1982

Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices.

1983

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 Mbbl/d (2,780,000 m3/d). OPEC agrees to individual output quotas and cuts prices by $5 to $29 per barrel.

1984

1985

1986

Average world oil prices fall by over 50 percent in 1986. There is wide use of netback pricing in 1986.

1987

1988

1989

The 1990s

See: 1990-1999 world oil market chronology

1990

1991

1992

1993

1994

1995

1996

Sources include: Dow Jones (DJ), Financial Times (FT), New York Times (NYT), and Platt's Oilgram News (PON), Washington Post (WP), and the Wall Street Journal (WSJ).

1997

Sources include: Dow Jones (DJ), New York Times (NYT), and the Washington Post (WP).

See also

Sources

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