1980-1989 World Oil Market Chronology
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.
- January: Iraq repels first major Iranian offensive.
- January 28: President Reagan lifts remaining domestic petroleum price and allocation controls originally scheduled to expire in September 1981.
- April: After meetings in Baghdad and Teheran, attempts by nine Islamic Conference leaders to mediate peace between Iraq and Iran fail.
- Aug: Windfall profits tax reduced.
- September 27–28: Iran defends its besieged port of Abadan, driving back Iraqi forces.
- Oct: OPEC reaches an agreement to unify crude price at $32 per barrel through 1982 and sets an ultimate price ceiling of $38 per barrel.
- November 29: Major Iranian offensive mounted on central front.
Read more about 1980-1989 World Oil Market Chronology: 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989
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