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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Famous quotes containing the words world and/or market:
“For twenty-five centuries, Western knowledge has tried to look upon the world. It has failed to understand that the world is not for the beholding. It is for hearing. It is not legible, but audible. Our science has always desired to monitor, measure, abstract, and castrate meaning, forgetting that life is full of noise and that death alone is silent: work noise, noise of man, and noise of beast. Noise bought, sold, or prohibited. Nothing essential happens in the absence of noise.”
—Jacques Attali (b. 1943)
“Have you not heard of that madman who lit a lantern in the bright morning hours, ran to the market place, and cried incessantly: “I seek God! I seek God!””
—Friedrich Nietzsche (1844–1900)