1988
- February: OPEC price meeting set.
- March: OPEC/Non-OPEC meeting failure.
- July: Iran accepts cease fire.
- October 14: Crude oil prices jump in anticipation of possible production accord at Gulf Cooperation Council meeting set for October 16.
- November 28: OPEC reaches production accord. Six-month agreement to set production at 18.5 Mbbl/d (2,940,000 m3/d). Although the recent OPEC quota had been 19.0 Mbbl/d (3,020,000 m3/d), actual OPEC production had been closer to 21.0 Mbbl/d (3,340,000 m3/d).
- December: Fulmar/Brent outages.
Read more about this topic: 1980-1989 World Oil Market Chronology