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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