Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members.
- January: Iraq repels first major Iranian offensive.
- January 28: U.S. President Ronald Reagan lifts remaining domestic petroleum price and allocation controls originally scheduled to expire in September 1981.
- April: After meetings in Baghdad and Tehran, attempts by nine Islamic Conference leaders to mediate peace between Iraq and Iran fail.
- August: Windfall profits tax reduced.
- September 27–28: Iran defends its besieged port of Abadan, driving back Iraqi forces.
- October: 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 4: Exxon withdraws its operations from Libya, which are taken over by the Sirte Oil Company (SOC), a subsidiary of the National Oil Corporation.
- November 29: Major Iranian offensive mounted on central front.
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