1978 world oil market chronology
Encyclopedia
- January: Student protests against government of Reza PahlaviReza PahlaviReza Pahlavi may refer to:*Reza Shah , aka Reza Shah Pahlavi, Shah of Persia from 1925 until 1935 and Shah of Iran from 1935 until 1941* Mohammad Reza Pahlavi , Shah of Iran from 1941 to 1979, son of Reza Shah...
, Shah of IranPahlavi dynastyThe Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi and Mohammad Reza Shah Pahlavi The Pahlavi dynasty consisted of two Iranian/Persian monarchs, father and son Reza Shah Pahlavi (reg. 1925–1941) and Mohammad Reza Shah Pahlavi The Pahlavi dynasty ...
, begin, touching off a wave of political unrest and violent clashes between police and demonstrators. Throughout the year increasing anti-Shah activities are led by MuslimMuslimA Muslim, also spelled Moslem, is an adherent of Islam, a monotheistic, Abrahamic religion based on the Quran, which Muslims consider the verbatim word of God as revealed to prophet Muhammad. "Muslim" is the Arabic term for "submitter" .Muslims believe that God is one and incomparable...
fundamentalists seeking to establish a Muslim state. - March: Amoco CadizAmoco CadizAmoco Cadiz was a very large crude carrier , owned by Amoco, that ran aground on Portsall Rocks, from the coast of Brittany, France, on 16 March 1978, and ultimately split in three and sank, all together resulting in the largest oil spill of its kind in history to that date.-Oil spill:Amoco Cadiz...
tanker runs aground off the coast of FranceFranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, spilling 1.6 Moilbblof crude oil. (Largest crude spill to date.) - June IranIranIran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
and Saudi ArabiaSaudi ArabiaThe Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
block efforts of OPECOPECOPEC is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings...
price hawks to fix the price of OPEC oil in a currency more stable than the U.S. dollar. Say world economy cannot support associated price increases. Are accused by hawks of being U.S. agents. - September: Shah puts Iran under military rule. Muslim leader Noori arrested in crackdown of opposition groups.
- October: Iranian strikes; departure of foreign technicians. Pipeline fire drops IraqIraqIraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....
i production from 600000 oilbbl/d to 300000 oilbbl/d. - November: Iranian oil production starts dropping.
- December: Iranian production hits 1.5 Moilbbl/d in mid-December; 500,000 on December 27, a 27-year low. OPEC production rises 1.6 MMBD over two months due to increased Saudi production.
- December 17: OPEC decides on a 14.5 percent price increase for 1979, to be implemented quarterly.
|-
| width="30%" align="center" | previous year:
1977 world oil market chronology
1977 world oil market chronology
*January: OPEC goes to two-tier pricing . U.S. oil imports from OPEC members averaged 285.355 thousand bpd....
| width="40%" align="center" | This article is part of the
Chronology of world oil market events (1970-2005)
Chronology of world oil market events (1970-2005)
-1970:*January 1: U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent.*May 3: TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, creating all-time tanker rate highs from June to December....
| width="30%" align="center" | following year:
1979 world oil market chronology
1979 world oil market chronology
*January: First emergency Crude Oil Buy-Sell Program allocations.*January 16: Shah leaves Iran on vacation, never to return. Bakhtiar government established by the Shah to preside until unrest subsides....
|-