Wide use of crude formula pricing in 1988.
- February: OPEC price meeting set.
- March: OPEC/Non-OPEC meeting failure.
- July: Iran accepts cease fire.
- October 14: Crude oil prices jump in anticipation of possible production accord at Gulf Cooperation Council meeting set for October 16.
- November 28: OPEC reaches production accord. Six-month agreement to set production at 18.5 MMB/D. Although the recent OPEC quota had been 19.0 MMB/D, actual OPEC production had been closer to 21.0 MMB/D.
- December: Fulmar/Brent outages.
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