Oil Prices - A Stan Klos WebsitePrecious Metals Prices - A Stan Klos Website
World Oil Market and Oil Price Chronologies:
1970 - 2003
This chronology was orginally published by the Department of Energy's Office
of the Strategic Petroleum Reserve, Analysis Division. Updates for 1995-2002 are
from the Energy Information Administration. Please click here
for the latest monthly chronology.
World Oil Price Chronology: 1970-2003
Click here (about 73K)
to download the world oil price data that was used to construct this chart. The
price data are in nominal terms, i.e., they are in
"dollars-of-the-day" and have not been adjusted for inflation.
OPEC begins nationalization process; raises prices in response to falling
Negotiations for gradual transfer of ownership of western assets in OPEC
Oil embargo begins (October 19-20, 1973)
OPEC freezes posted prices; US begins mandatory oil allocation
Oil embargo ends (March 18, 1974)
Saudis increase tax rates and royalties
US crude oil entitlements program begins
OPEC announces 15% revenue increase effective October 1, 1975
Official Saudi Light price held constant for 1976
Iranian oil production hits a 27-year low
OPEC decides on 14.5% price increase for 1979
Iranian revolution; Shah deposed
OPEC raises prices 14.5% on April 1, 1979
US phased price decontrol begins
OPEC raises prices 15%
Iran takes hostages; President Carter halts imports from Iran; Iran
cancels US contracts; Non-OPEC output hits 17.0 million b/d
Saudis raise marker crude price from 19$/bbl to 26$/bbl
Windfall Profits Tax enacted
Kuwait, Iran, and Libya production cuts drop OPEC oil production to 27
Saudi Light raised to $28/bbl
Saudi Light raised to $34/bbl
First major fighting in Iran-Iraq War
President Reagan abolishes remaining price and allocation controls
Spot prices dominate official OPEC prices
US boycotts Libyan crude; OPEC plans 18 million b/d output
Syria cuts off Iraqi pipeline
Libya initiates discounts; Non-OPEC output reaches 20 million b/d; OPEC
output drops to 15 million b/d
OPEC cuts prices by $5/bbl and agrees to 17.5 million b/d output
Norway, United Kingdom, and Nigeria cut prices
OPEC accord cuts Saudi Light price to $28/bbl
OPEC output falls to 13.7 million b/d
Saudis link to spot price and begin to raise output
OPEC output reaches 18 million b/d
Wide use of netback pricing
Wide use of fixed prices
Wide use of formula pricing
OPEC/Non-OPEC meeting failure
OPEC production accord; Fulmar/Brent production outages in the North Sea
Exxon's Valdez tanker spills 11 million gallons of crude oil
OPEC raises production ceiling to 19.5 million b/d
Iraq invades Kuwait
Operation Desert Storm begins; 17.3 million barrels of SPR crude oil sales
Persian Gulf war ends
Dissolution of Soviet Union; Last Kuwaiti oil fire is extinguished on
November 6, 1991
UN sanctions threatened against Libya
Saudi Arabia agrees to support OPEC price increase
OPEC production reaches 25.3 million b/d, the highest in over a decade
Kuwait boosts production by 560,000 b/d in defiance of OPEC quota
Nigerian oil workers' strike
Extremely cold weather in the US and Europe
U.S. launches cruise missile attacks into southern Iraq following an
Iraqi-supported invasion of Kurdish safe haven areas in northern Iraq.
Iraq begins exporting oil under United Nations Security Council Resolution
Prices rise as Iraq's refusal to allow United Nations weapons inspectors
into "sensitive" sites raises tensions in the oil-rich Middle
OPEC raises its production ceiling by 2.5 million barrels per day to 27.5
million barrels per day. This is the first increase in 4 years.
World oil supply increases by 2.25 million barrels per day in 1997, the
largest annual increase since 1988.
Oil prices continue to plummet as increased production from Iraq coincides
with no growth in Asian oil demand due to the Asian economic crisis and
increases in world oil inventories following two unusually warm winters.
OPEC pledges additional production cuts for the third time since March
1998. Total pledged cuts amount to about 4.3 million barrels per day.
Oil prices triple between January 1999 and September 2000 due to strong
world oil demand, OPEC oil production cutbacks, and other factors, including
weather and low oil stock levels.
President Clinton authorizes the release of 30 million barrels of oil from
the Strategic Petroleum Reserve (SPR) over 30 days to bolster oil supplies,
particularly heating oil in the Northeast.
Oil prices fall due to weak world demand (largely as a result of economic recession
in the United States) and OPEC overproduction.
Oil prices decline sharply following the September 11, 2001 terrorist
attacks on the United States, largely on increased fears of a sharper
worldwide economic downturn (and therefore sharply lower oil demand).
Prices then increase on oil production cuts by OPEC and non-OPEC at the
beginning of 2002, plus unrest in the Middle East and the possibility of
renewed conflict with Iraq.
OPEC oil production cuts, unrest in Venezuela, and rising tension in the
Middle East contribute to a significant increase in oil prices between
January and June.
A general strike in Venezuela, concern over a possible military conflict
in Iraq, and cold winter weather all contribute to a sharp decline in U.S.
oil inventories and cause oil prices to escalate further at the end of the
Continued unrest in Venezuela and oil traders' anticipation of immenent
military action in Iraq causes prices to rise in January and February, 2003.
Military action commences in Iraq on March 19, 2003. Iraqi oil fields are
not destroyed as had been feared. Prices fall.
Original concept for the chart was by the Analysis Division in the Office of
Management Operations; Strategic Petroleum Reserve. Modified and updated by the
Office of Energy Markets and End Use in the Energy Information Administration.
As Oil Prices Boil . . . By ... day. In
this skittish market, such a cutback could drive oil prices to $60 a
barrel, Verleger argues. ...
articles/A17280-2004Aug19.html - Similar pages
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