Oil glut takes hold. Demand falls as a result of conservation, use of other fuels and recession. OPEC agrees to limit overall output to 17.5 MMB/D. OPEC agrees to individual output quotas and cuts prices by $5 to $29 per barrel.
- April: Iraq increases missile attacks on Iran.
- July 20–30: Iran moves into northern Iraq. Casualties top 13,800 in ten days.
- July 26: U.S. threatens action to preserve navigation in Persian Gulf.
- July–August: Heavy fighting and casualties in Iran-Iraq war.
- October: Iran attacks northern Iraq, threatening Kirkuk pipeline.
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This article is part of the Chronology of world oil market events (1970-2005) |
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“Let the ruling classes tremble at a communist revolution. The proletarians have nothing to lose but their chains. They have a world to win. Workingmen of all countries, unite!”
—Karl Marx (1818–1883)
“Friendship and money: oil and water.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)
“I respect not his labors, his farm where everything has its price, who would carry the landscape, who would carry his God, to market, if he could get anything for him; who goes to market for his god as it is; on whose farm nothing grows free, whose fields bear no crops, whose meadows no flowers, whose trees no fruit, but dollars; who loves not the beauty of his fruits, whose fruits are not ripe for him till they are turned to dollars. Give me the poverty that enjoys true wealth.”
—Henry David Thoreau (1817–1862)