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.
- March: Chicago Board of Trade (CBOT) and New York Mercantile Exchange (Nymex) enable the trading of crude oil futures contracts.
- April/May: CBOT contracts have delivery problems. Customers move to Nymex
- April: Iraq increases missile attacks on Iran.
- Jul 20-30: Iran moves into northern Iraq. Casualties top 13,800 in ten days.
- Jul 26: U.S. threatens action to preserve navigation in Persian Gulf.
- Jul-Aug: Heavy fighting and casualties in Iran-Iraq war.
- Oct: Iran attacks northern Iraq, threatening Kirkuk pipeline.
Read more about this topic: 1980-1989 World Oil Market Chronology