Indications of a world oil glut led to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices.
- March: Damascus closes Iraq's 400,000 bbl/d (64,000 m3/d) trans-Syrian oil export pipeline to show support for Iran.
- March 11: U.S. boycotts Libyan crude.
- May 24:Iran recaptures Khorramshahr.
- June: Iran demands $150 billion in war reparations; pledges war until Iraq's Hussein stands trial.
- June 10: Iraq declares unilateral cease-fire.
- July 13: Iran launches first attack into Iraq.
| previous year: 1981 world oil market chronology |
This article is part of the Chronology of world oil market events (1970-2005) |
following year: 1983 world oil market chronology |
Famous quotes containing the words world, oil and/or market:
“In April 1917 the illusion of isolation was destroyed, America came to the end of innocence, and of the exuberant freedom of bachelor independence. That the responsibilities of world power have not made us happier is no surprise. To help ourselves manage them, we have replaced the illusion of isolation with a new illusion of omnipotence.”
—Barbara Tuchman (1912–1989)
“To make a good salad is to be a brilliant diplomatist—the problem is entirely the same in both cases. To know exactly how much oil one must put with one’s vinegar.”
—Oscar Wilde (1854–1900)
“It is a sign of our times, conspicuous to the coarsest observer, that many intelligent and religious persons withdraw themselves from the common labors and competitions of the market and the caucus, and betake themselves to a certain solitary and critical way of living, from which no solid fruit has yet appeared to justify their separation.”
—Ralph Waldo Emerson (1803–1882)