About: 1980–1989 world oil market chronology

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Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted.

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  • Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted. * January: Iraq repels first major Iranian offensive. * January 28: President Reagan lifts remaining domestic petroleum price and allocation controls originally scheduled to expire in September 1981. * April: After meetings in Baghdad and Teheran, attempts by nine Islamic Conference leaders to mediate peace between Iraq and Iran fail. * Aug: Windfall profits tax reduced. * September 27–28: Iran defends its besieged port of Abadan, driving back Iraqi forces. * Oct: OPEC reaches an agreement to unify crude price at $32 per barrel through 1982 and sets an ultimate price ceiling of $38 per barrel. * November 29: Major Iranian offensive mounted on central front. (en)
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  • Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted. (en)
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  • 1980–1989 world oil market chronology (en)
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