- From: <info@lelpeto.com>
- Date: Fri, 14 Feb 2003 18:24:21 -0600 (CST)
- To: public-uri-cg@w3.org
"Lel Bruce Peto" Recommended oil sector 70's chronology... Oil & Gas Chronology : The 1970’s 1979 Jan First emergency Crude Oil Buy-Sell Program allocations. Jan 16 Shah leaves Iran on vacation, never to return. Bakhtiar government established by the Shah to preside until unrest subsides. Jan 20 Saudi Arabia announces drastic cut in first-quarter production. 9.5 MMBD ceiling imposed. Although actual cuts never reach announced levels, spot prices of Middle East light crudes rise 36 percent. Jan 20 One million Iranians march in Teheran in a show of support for the exiled Ayatollah Komeini, fundamental Muslim leader. Feb 12 Bakhtiar resigns as prime minister of Iran after losing support of the military. Mar 5 Iran resumes petroleum exports. Spring Gasoline shortage/world oil glut. Mar 26 OPEC makes full 14.5 percent price increase for 1979 effective on April 1. Marker crude raised to $14.56 per barrel. May 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. Jun 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. Jun 26-28 OPEC raises prices average of 15 percent, effective July 1. Oct 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. Oct Canada eliminates light crude oil exports to U.S. refiners, except for those exports required by operational constraints of pipelines. Nov 4 Iran takes western hostages. Nov 12 Carter orders cessation of Iranian imports to U.S. Nov 15 Iran cancels all contracts with U.S. oil companies. Dec 13 Saudi Arabia raises marker crude price to $24 per barrel.
Received on Friday, 14 February 2003 18:44:35 UTC