1986 world oil market chronology
Encyclopedia
Average world oil prices fall by over 50 percent in 1986. There is wide use of netback pricing in 1986.
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1987 world oil market chronology
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- January 7: The United States invokes the International Emergency Economic Powers ActInternational Emergency Economic Powers ActThe International Emergency Economic Powers Act , Title II of , is a United States federal law authorizing the President to regulate commerce after declaring a national emergency in response to any unusual and extraordinary threat to the United States which has a foreign source.-Provisions:In the...
, halting imports of all goods and services of LibyaLibyaLibya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
n origin. US companies are prohibited from engaging in industrial or commercial contracts with Libya. - February 3–4: 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...
fails to agree upon a production accord after a two-day meeting in ViennaViennaVienna is the capital and largest city of the Republic of Austria and one of the nine states of Austria. Vienna is Austria's primary city, with a population of about 1.723 million , and is by far the largest city in Austria, as well as its cultural, economic, and political centre...
. - February: 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...
captures southern Faw peninsula], starts northern offensive. - May 7: 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....
bombs 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...
refinery. - June: OPEC production-cut talks fail, ending in a tentative majority pact on an average 1986 ceiling of 17.6 MMB/D.
- June 8: Iraqi jets attack Assadabad satellite station.
- June 30: The U.S. Treasury Department forces remaining U.S. oil companies to leave Libya but allows them to negotiate standstill agreements, retaining ownership for three years while allowing the Libyan National Oil CorporationNational Oil CorporationThe National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around 70% the country's oil output...
to operate the fields. - July: BrentBrent CrudeBrent Crude is the biggest of the many major classifications of crude oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg, Ekofisk, and Forties . Brent Crude is sourced from the North Sea. The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum...
price dips under $9 per barrel. OPEC production rises to 20 MMB/D. - July 27: Iraqi jets attack central Iranian city of ArakArak, Iran-Industries:thumb|right|250px|wagon parsArak is one of the main industrial cities of Iran, possessing many plants for heavy industries especially for the metal and machinery industries, including:...
. Iran threatens missile attack of gulf states supporting Iraq. - August 2: Hussein offers peace in open letter to Iran.
- August 4: Reports of probable OPEC agreement on output quotas sends oil prices higher.
- August 12: Iran fires missile at refinery near BaghdadBaghdadBaghdad is the capital of Iraq, as well as the coterminous Baghdad Governorate. The population of Baghdad in 2011 is approximately 7,216,040...
. Iraq raids Iranian terminal at Sirri Island severely disrupting Iranian exports. - December 19: OPEC reaches an accord that would cut production by seven percent for the first six months of 1987 (from 17 MMB/D to 16 MMB/D) and would raise prices immediately toward a target world oil price of $18 per barrel.
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1985 world oil market chronology
1985 world oil market chronology
*January: Nine OPEC members adjust prices to cut gap between light and heavy crudes from $4 to $2.40 per barrel. Saudi light price cut one dollar to $28 per barrel.*March 11–19: Iranian offensive; heavy casualties....
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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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1987 world oil market chronology
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