1991 world oil market chronology
Encyclopedia
- January 9–14: At Geneva talks, U.S> Secretary of State James BakerJames BakerJames Addison Baker, III is an American attorney, politician and political advisor.Baker served as the Chief of Staff in President Ronald Reagan's first administration and in the final year of the administration of President George H. W. Bush...
says that "regrettably" Iraqi Foreign Minister Tariq AzizTariq AzizTariq Aziz and Deputy Prime Minister of Iraq and a close advisor of former President Saddam Hussein. Their association began in the 1950s when both were activists for the then-banned Ba'ath Arab Socialist Party...
has indicated no softening in Iraq's position. Peace talks break down, but there is still talk of a peaceful solution to the crisis. - January 15: Report that Iraq has a new peace initiative.
- January 16: U.S. begins air attack against Iraqi military targets. President George H. W. BushGeorge H. W. BushGeorge Herbert Walker Bush is an American politician who served as the 41st President of the United States . He had previously served as the 43rd Vice President of the United States , a congressman, an ambassador, and Director of Central Intelligence.Bush was born in Milton, Massachusetts, to...
directs drawdown of Strategic Petroleum ReserveStrategic Petroleum ReserveThe Strategic Petroleum Reserve is an emergency fuel storage of oil maintained by the United States Department of Energy.- United States :The US SPR is the largest emergency supply in the world with the current capacity to hold up to ....
(SPR). U.S. Secretary of Energy James WatkinsJames WatkinsProfessor James Watkins is Director, Sport and Exercise Science Research Centre at the University of Wales Swansea. He is an advisory board member of the Journal of Sports Sciences and an editorial board member of the European Journal of Physical Education.He was chairman of the biomechanics...
orders 33.75 MMB drawdown. Crude oil prices drop $9–10 per barrel in one day after having risen $3–5 per barrel during the first half of January. - January 22: KuwaitKuwaitThe State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...
i oil facilities are destroyed by Iraq and more Iraqi missile attacks on 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...
. - January 30: U.S. Department of Energy selects 13 firms to purchase 17.3 MMB of SPR crude oil.
- February: Surplus of unsold oil held by oil producers reaches 80-90 MMB.
- February 5: First SPR oil delivered to commercial buyers.
- February 15: Daily market volatility as Hussein mentions withdrawal, but Bush calls his offer a "cruel hoax."
- February 26: Signs of Iran crude now an option for U.S. refiners, but no imports from 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...
likely in near future. - February 28: War ends. United NationsUnited NationsThe United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
troops move into Kuwait CityKuwait City-Suburbs:Although the districts below are not usually recognized as suburbs, the following is a list of a few areas surrounding Kuwait city:Al-Salam ""السلام"" -Economy:...
. Saddam Hussein orders troops out of Kuwait. Iraqi soldiers ignite Kuwaiti oil fields during their retreat. - March 1: News that Kuwait will need to import crude in the short term.
- March 12: 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...
announces production cut to 22.3 Moilbbl/d. - March 13: API reports a 6 MMB weekly domestic crude inventory draw; Saudi Arabia and Iran say OPEC production cuts will take effect April 1.
- March 19: Mikhail GorbachevMikhail GorbachevMikhail Sergeyevich Gorbachev is a former Soviet statesman, having served as General Secretary of the Communist Party of the Soviet Union from 1985 until 1991, and as the last head of state of the USSR, having served from 1988 until its dissolution in 1991...
says the Soviet UnionSoviet UnionThe Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
will cut its oil exports by nearly half. - March 25: NigeriaNigeriaNigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
n crude becomes competitive in U.S. Gulf Coast as Nigeria cuts crude prices. - April 25: Iraq expects to resume crude and product exports by July.
- June 3: Kuwait asks Cooperation Council for the Arab States of the GulfCooperation Council for the Arab States of the GulfThe Cooperation Council for the Arab States of the Gulf , also known as the Gulf Cooperation Council , is a political and economic union of the Arab states bordering the Persian Gulf and constituting the Arabian Peninsula, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates...
members to produce 800000 oilbbl/d of oil on its behalf. - August: Unsuccessful coup attempt against Soviet President Gorbachev has minimal effect on oil markets.
- October: Soviet Union suspends petroleum product exports as its fuel shortages grow. NYMEX futures price for WTI climbs nearly $2, ending at $24 per barrel.
- November: Last of Kuwait oil well fires extinguished by well control teams.
- November: U.S. Senate filibuster causes withdrawal of an Alaska National Wildlife Refuge (ANWR) pro-leasing bill.
- December: Soviet Union collapses as a series of events precipitated by UkrainianUkraineUkraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
vote for independence leads to formation of Commonwealth of Independent StatesCommonwealth of Independent StatesThe Commonwealth of Independent States is a regional organization whose participating countries are former Soviet Republics, formed during the breakup of the Soviet Union....
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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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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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1992 world oil market chronology
1992 world oil market chronology
*January: Kuwait reports oil production of 400,000 B/D; insists on restoration of its pre-invasion OPEC quota of 1.5 MMB/D.*March: United Nations threatens sanctions against Libya for its refusal to extradite suspected terrorists....
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