1980 world oil market chronology
Encyclopedia
- March 1: Windfall Profits TaxWindfall profits taxA windfall profits tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry.-United Kingdom:In the United Kingdom, the Windfall Tax was a tax levied on privatised utility companies.-United States:...
enacted. - May: Saudi Light raised to $28.00 per barrel, retroactive to April 1.
- Apr-September: : Buy-Sell Program allocations drop to average of 120000 oilbbl/d for period April to September 1980.:
- September 17: 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....
breaks 1975 treaty with 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 proclaims sovereignty over Shatt al-Arab waterway. - September 23: Iraq invades Iran. Mutual bombing of installations.
- November 10: Iraq captures southern port of KhorramshahrKhorramshahrKhorramshahr is a city in and the capital of Khorramshahr County, Khuzestan Province, Iran. At the 2006 census, its population was 123,866, in 26,385 families.Khorramshahr is a port city located approximately north of Abadan...
. - November 20–24: U.N. gulf warGulf WarThe Persian Gulf War , commonly referred to as simply the Gulf War, was a war waged by a U.N.-authorized coalition force from 34 nations led by the United States, against Iraq in response to Iraq's invasion and annexation of Kuwait.The war is also known under other names, such as the First Gulf...
mediator Olof PalmeOlof PalmeSven Olof Joachim Palme was a Swedish politician. A long-time protegé of Prime Minister Tage Erlander, Palme led the Swedish Social Democratic Party from 1969 to his assassination, and was a two-term Prime Minister of Sweden, heading a Privy Council Government from 1969 to 1976 and a cabinet...
makes first unsuccessful peace shuttle between TehranTehranTehran , sometimes spelled Teheran, is the capital of Iran and Tehran Province. With an estimated population of 8,429,807; it is also Iran's largest urban area and city, one of the largest cities in Western Asia, and is the world's 19th largest city.In the 20th century, Tehran was subject to...
and BaghdadBaghdadBaghdad is the capital of Iraq, as well as the coterminous Baghdad Governorate. The population of Baghdad in 2011 is approximately 7,216,040...
. - December: Collapse 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...
's pricing structure. SaudisSaudi 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...
use $32 per barrelBarrel (unit)A barrel is one of several units of volume, with dry barrels, fluid barrels , oil barrel, etc...
marker, others use $36 per barrel benchmark.
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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....
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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....
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1981 world oil market chronology
1981 world oil market chronology
Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members.*January: Iraq repels first major Iranian offensive.*January 28: U.S...
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