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.
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