1989 world oil market chronology
Encyclopedia
- March 23: ExxonExxonExxon is a chain of gas stations as well as a brand of motor fuel and related products by ExxonMobil. From 1972 to 1999, Exxon was the corporate name of the company previously known as Standard Oil Company of New Jersey or Jersey Standard....
tanker ValdezExxon ValdezOriental Nicety, formerly Exxon Valdez, Exxon Mediterranean, SeaRiver Mediterranean, S/R Mediterranean, Mediterranean, and Dong Fang Ocean is an oil tanker that gained notoriety after running aground in Prince William Sound spilling hundreds of thousands of barrels of crude oil in Alaska...
runs aground, spilling 11 million USgals (41,639.5 m³) of crude oil in the waters of Prince William Sound'sPrince William SoundPrince William Sound is a sound off the Gulf of Alaska on the south coast of the U.S. state of Alaska. It is located on the east side of the Kenai Peninsula. Its largest port is Valdez, at the southern terminus of the Trans-Alaska Pipeline System...
Bligh ReefBligh ReefBligh Reef, sometimes known as Bligh Island Reef, is a reef off the coast of Bligh Island in Prince William Sound, Alaska. This was the location of the 1989 Exxon Valdez oil spill. After the incident, US Code 33 § 2733 mandated the operation of an automated navigation light to prevent future...
. Oil prices react upward to news of the spill and to potential shortages on the west coast caused by refinery fires there. - June: 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...
raises their production ceiling to 19.5 Moilbbl per day.
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1988 world oil market chronology
1988 world oil market chronology
Wide use of crude formula pricing in 1988.*February: OPEC price meeting set.*March: OPEC/Non-OPEC meeting failure.*July: Iran accepts cease fire....
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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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1990 world oil market chronology
1990 world oil market chronology
*August: Crude and product prices soar upward; exchange markets react wildly to any Middle East news events; cash markets dominate prices after trading hours; jet fuel prices rise to record spreads over other products due to increase in defense demand...
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