1979 world oil market chronology

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1979 world oil market chronology

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1978 world oil market chronology

1978 world oil market chronology

*January: Student protests against government of Reza Pahlavi, Shah of Iran, begin, touching off a wave of political unrest and violent clashes between police and demonstrators....

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January: First emergency Crude Oil Buy-Sell Program allocations.
January 16: Shah leaves Iran
Iran

Iran , officially the Islamic Republic of Iran and formerly known internationally as Persian Empire until 1935, is a country in Central Eurasia, located on the northeastern shore of the Persian Gulf and the southern shore of the Caspian Sea....
on vacation, never to return. Bakhtiar
Shapour Bakhtiar

Shapour Bakhtiar was an Iranian politician and the last Prime Minister of Iran under Shah Mohammad Reza Pahlavi. After the Iranian Revolution, he migrated to Paris, France where he was assassinated in 1991 by suspected Hezbollah of Iran sympathizers with links to the Islamic Republic....
government established by the Shah to preside until unrest subsides.
January 20: Saudi Arabia
Saudi Arabia

The Kingdom of Saudi Arabia, KSA , is an Arab country and the largest country of the Arabian Peninsula. It is bordered by Jordan on the northwest, Iraq on the north and northeast, Kuwait, Qatar, Bahrain, and the United Arab Emirates on the east, Oman on the southeast, and Yemen on the south....
announces drastic cut in first-quarter production. 9.5 MMBD ceiling imposed. Although actual cuts never reach announced levels, spot prices of Middle East
Middle East

File:GreaterMiddleEast1.pngThe Middle East is a region that spans southwestern Asia, western Asia, and northeastern Africa. It has no clear boundaries, often used as a synonym to Near East, in opposition to Far East....
light crudes rise 36 percent.
January 20: One million Iranians march in Tehran
Tehran

Tehran is the capital and largest city of Iran, and the administrative center of Tehran Province. Tehran is a sprawling city at the foot of the Alborz mountain range with an immense network of highways unparalleled in Western Asia....
in a show of support for the exiled Ayatollah Khomeini
Ruhollah Khomeini

Sayyid Ruhollah Musavi Khomeini was an Iranian religious leader and scholar, politician, and leader of the 1979 Iranian Revolution which saw the overthrow of Mohammad Reza Pahlavi, the late Iranian monarchy of Iran....
, fundamental Muslim
Muslim

:A Muslim , , is an adherent of the religion of Islam. The feminine form is Muslimah . Literally, the word means "one who submits "....
leader.
February 12: Bakhtiar resigns as prime minister of Iran after losing support of the military.
March 5: Iran resumes petroleum exports.
Spring: Gasoline shortage/world oil glut.
March 26: OPEC
OPEC

The Organization of Petroleum Exporting Countries is a cartel of twelve countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela....
makes full 14.5 percent price increase for 1979 effective on April 1. Marker crude raised to $14.56 per barrel
Barrel (unit)

The barrel is the name of several units of measurement of volume, generally in the range of about 100-200 L ....
.
May: United States Department of Energy
United States Department of Energy

The United States Department of Energy is a United States Cabinet-level department of the United States government of the United States responsible for Energy policy of the United States and nuclear safety....
(DOE) announces $5 per barrel entitlement to importers of heating oil. Saudi Arabia announces intention to increase direct sales and to sell less through Aramco. Both announcements send prices higher.
June 1: Phased oil price decontrol begins. Involves gradual 28 month increase of "old" oil price ceilings, and slower rate of increase of "new" oil price ceilings.
June 26-28: OPEC raises prices average of 15 percent, effective July 1.
October: Buy-Sell Program sales average more than 400,000 B/D from October 1979 through March 1980 - highest level since February 1976, due to emergency allocations.
October: Canada
Canada

Canada is a country occupying most of northern North America, extending from the Atlantic Ocean in the east to the Pacific Ocean in the west and northward into the Arctic Ocean....
eliminates light crude oil exports to U.S. refiners, except for those exports required by operational constraints of pipelines.
November 4: Iran takes western hostages.
November 12: U.S. President Jimmy Carter
Jimmy Carter

James Earl "Jimmy" Carter, Jr. served as the List of Presidents of the United States President of the United States from 1977 to 1981 and was the recipient of the 2002 Nobel Peace Prize....
orders cessation of Iranian imports to U.S.
November 15: Iran cancels all contracts with U.S. oil companies.
December 13: Saudi Arabia raises marker crude price to $24 per barrel.

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1978 world oil market chronology

1978 world oil market chronology

*January: Student protests against government of Reza Pahlavi, Shah of Iran, begin, touching off a wave of political unrest and violent clashes between police and demonstrators....
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Chronology of world oil market events (1970-2005)
Chronology of world oil market events (1970-2005)

Basic overview...
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1980 world oil market chronology

1980 world oil market chronology

*March 1: Windfall Profits Tax enacted.*May: Saudi Light raised to $28.00 per barrel, retroactive to April 1.*Apr-September: : Buy-Sell Program allocations drop to average of 120,000 B/D for period April to September 1980.:...
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