Chronology of World Oil Market Events (1970–2005) - The 1990s - 1992


  • January: Kuwait reports oil production of 400,000 bbl/d (64,000 m3/d); insists on restoration of its pre-invasion OPEC quota of 1.5 Mbbl/d (240,000 m3/d).
  • March: United Nations threatens sanctions against Libya for its refusal to extradite suspected terrorists.
  • March: CIS announces that 1991 crude exports dropped by 52%.
  • May: Saudi Arabia supports a crude oil price hike during a late-month OPEC meeting. NYMEX Futures prices exceed $22 per barrel.
  • Oct: OPEC production reaches highest level in more than a decade at 25.25 Mbbl/d (4,014,000 m3/d).
  • December: U.S.A., Mexico, and Canada sign the North American Free Trade Agreement (NAFTA).

Read more about this topic:  Chronology Of World Oil Market Events (1970–2005), The 1990s

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