Annual Oil Market Chronology

Annual Oil Market Chronology

Overview

This chronology was originally published by the Department of Energy's Office of the Strategic Petroleum Reserve, Analysis Division. Updates for 1995-2006 are from the Energy Information Administration. Please click here for the latest monthly chronology and for a more detailed chronology for past years.

World Nominal Oil Price Chronology: 1970-2006

The price data graphed above are in nominal terms, i.e., they are in "dollars-of-the-day" and have not been adjusted for inflation. Clicking the picture above will enable you to access oil prices in real terms that are adjusted for inflation. Historical and forecast real and nominal crude oil and gasoline price information is maintained on a more frequent basis on the Short Term Energy Outlook Webpage.

1.OPEC begins to assert power; raises tax rate & posted prices

2.OPEC begins nationalization process; raises prices in response to falling US dollar.

3.Negotiations for gradual transfer of ownership of western assets in OPEC countries

4.Oil embargo begins (October 19-20, 1973)

5.OPEC freezes posted prices; US begins mandatory oil allocation

6.Oil embargo ends (March 18, 1974)

7.Saudis increase tax rates and royalties

8.US crude oil entitlements program begins

9.OPEC announces 15% revenue increase effective October 1, 1975

10.Official Saudi Light price held constant for 1976

11.Iranian oil production hits a 27-year low

12.OPEC decides on 14.5% price increase for 1979

13.Iranian revolution; Shah deposed

14.OPEC raises prices 14.5% on April 1, 1979

15.US phased price decontrol begins

16.OPEC raises prices 15%

17.Iran takes hostages; President Carter halts imports from Iran; Iran cancels US contracts; Non-OPEC output hits 17.0 million b/d

18.Saudis raise marker crude price from 19$/bbl to 26$/bbl

19.Windfall Profits Tax enacted

20.Kuwait, Iran, and Libya production cuts drop OPEC oil production to 27 million b/d

21.Saudi Light raised to $28/bbl

22.Saudi Light raised to $34/bbl

23.First major fighting in Iran-Iraq War

24.President Reagan abolishes remaining price and allocation controls

25.Spot prices dominate official OPEC prices

26.US boycotts Libyan crude; OPEC plans 18 million b/d output

27.Syria cuts off Iraqi pipeline

28.Libya initiates discounts; Non-OPEC output reaches 20 million b/d; OPEC output drops to 15 million b/d

29.OPEC cuts prices by $5/bbl and agrees to 17.5 million b/d output – January 1983

30.Norway, United Kingdom, and Nigeria cut prices

31.OPEC accord cuts Saudi Light price to $28/bbl

32.OPEC output falls to 13.7 million b/d

33.Saudis link to spot price and begin to raise output – June 1985

34.OPEC output reaches 18 million b/d

35.Wide use of netback pricing

36.Wide use of fixed prices

37.Wide use of formula pricing

38.OPEC/Non-OPEC meeting failure

39.OPEC production accord; Fulmar/Brent production outages in the North Sea

40.Exxon's Valdez tanker spills 11 million gallons of crude oil

41.OPEC raises production ceiling to 19.5 million b/d – June 1989

42.Iraq invades Kuwait

43.Operation Desert Storm begins; 17.3 million barrels of SPR crude oil sales is awarded

44.Persian