"Lel Bruce Peto" Oil sector 90's chronology restating..1991

"Lel Bruce Peto" Oil sector 90's chronology restating..
Oil & Gas Chronology :  The 1990’s


1991

Jan 4 
Reports Iraq will accept U.S. offer for talks in Geneva.

Jan 7 
Saddam Hussein prepares his troops for what he says will be a long violent 
war against the U.S.

Jan 9-14 
At Geneva talks, Baker says that "regrettably" Iraqi Foreign Minister Aziz 
has indicated no softening in Iraq's position. Peace talks break down, but 
there is still talk of a peaceful solution to the crisis.

Jan 15 
Report that Iraq has a new peace initiative.

Jan 16 

U.S. begins air attack against Iraqi military targets. President Bush 
directs drawdown of Strategic Petroleum Reserve (SPR). U.S. Secretary of 
Energy James Watkins orders 33.75 MMB drawdown. Crude oil prices drop $9-
10 per barrel in one day after having risen $3-5 per barrel during the 
first half of January.

Jan 17 

Reports of early U.S. and allied success against Iraqi forces; DOE issues 
SPR sales notice.

Jan 18 

Iraqi Scud missiles land in Israel.

Jan 22 

Kuwaiti oil facilities are destroyed by Iraq and more Iraqi missile 
attacks on Saudi Arabia.

Jan 30DOE selects 13 firms to purchase 17.3 MMB of SPR crude oil. 

Feb 

Surplus of unsold oil held by oil producers reaches 80-90 MMB.

Feb 5 

First SPR oil delivered to commercial buyers.

Feb 15 

Daily market volatility as Hussein mentions withdrawal, but Bush calls his 
offer a "cruel hoax."

Feb 26 

Signs of Iran crude now an option for U.S. refiners, but no imports from 
Iran likely in near future.

Feb 28 

War ends. U.N. troops move into Kuwait City. Saddam Hussein orderstroops 
out of Kuwait. Iraqi soldiers ignite Kuwaiti oil fields during their 
retreat.

Mar 1 

News that Kuwait will need to import crude in the short term. 

Mar 12 

OPEC announces production cut to 22.3 MMB/D.

Mar 13 

API reports a 6 MMB weekly domestic crude inventory draw; Saudi Arabia and 
Iran say OPEC production cuts will take effect April 1.

Mar 19 

Gorbachev says the Soviet Union will cut its oil exports by nearly half.

Mar 25 

Nigerian crude becomes competitive in U.S. Gulf Coast as Nigeria cuts 
crude prices.

Apr 25 

Iraq expects to resume crude and product exports by July. 

June 3 

Kuwait asks GCC members to produce 800,000 B/D of oil on its behalf.

Aug 

Unsuccessful coup attempt against Soviet President Gorbachev has minimal 
effect on oil markets.

Oct 

Soviet Union suspends petroleum product exports as its fuel shortages 
grow. NYMEX futures price for WTI climbs nearly $2, ending at $24 per 
barrel.

Nov 

Last of Kuwait oil well fires extinguished by well control teams.

Nov 

U.S. Senate filibuster causes withdrawl of an Alaska National Wildlife 
Refuge (ANWR) pro-leasing bill.

Dec 

Soviet Union collapses as a series of events precipitated by Ukrainian 
vote for independence leads to formation of Commonwealth of Independent 
States (CIS).

Received on Saturday, 15 February 2003 17:58:26 UTC