"Lel Bruce Peto" Oil sector 90's chronology restating..1990

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


1990 

Aug 
Iraq invades Kuwait. Crude and product prices soar upward; exchange 
markets react wildly to any middle east news events; cash markets dominate 
prices after trading hours; jet fuel prices rise to record spreads over 
other products due to increase in defense demand. In late August, OPEC 
president fails to revive floundering attempts to organize a formal OPEC 
meeting to discuss crisis/production strategies. Informal meetings held in 
Vienna result in record price falls.

Conflicting reports of promises to increase OPEC output to compensate for 
embargo of Iraq and Kuwait oil further compound market uncertainties.

Aug 2 

Bush orders troops to Saudi Arabia.

Aug 27 

Market prices plunge as OPEC nears informal agreement to increase output 
to cover 4 MMB/D shortfall due to invasion. Cash market trading 
experiences abrupt decline.

Sep 6 

U.S. citizen is shot in Kuwait. API reports 4.4 MMB weekly draw in 
domestic crude stocks. Oil markets surge on aggressive U.S. statements 
toward Iraq.

Sep 21 

Reports that U.S refinery problems will lead to a 200,000 B/D loss in 
capacity and aggressive remarks by Saddam Hussein send crude prices to new 
highs.

Sep 24 

Iraq invades the French and Dutch missions in Kuwait; French President 
Mitterand called the action a violation of international law; a U.S. 
warship boards an Iraqi-flagged tanker bound for the port of Basrah.

Sep 18 

Crude prices outpace increases in product prices and there is talk of 
cutting refinery runs.

Sep 20 

Poor refining margins.

Sep 24 

Saddam Hussein states his willingness to strike first and his intention to 
damage oil fields in the region if Iraq does strike.

Oct 1 

Saddam Hussein says he may be willing to negotiate the occupation of 
Kuwait and would consider foreign participation in negotiations. 

Oct 3 

API reports a 9 MMB weekly U.S. crude inventory draw.

Oct. 9 

Fear of war and long-term supply disruptions as Hussein threatens Israel.

Oct 10 

API reports crude inventories dropped by more than 4 MMB in the last week.

Oct 11 

Libya's Qadhafi says Israel must be eliminated, and U.K. Foreign Secretary 
Hurd says force would be used if Iraq doesn't withdrawal from Kuwait.

Nov 5 

Reports of increasing Saudi production and lower world demand. 

Nov 6 

Iran's oil-producing region suffers a serious earthquake. 

Nov 7 

API reports 5 MMB U.S. crude inventory weekly increase.

Nov 8 

Unconfirmed rumors that Bush would announce an airlift of supplies to U.S. 
embassy in Kuwait, which could ultimately trigger a military clash.

Nov 13 

Saudis ask U.S. for rights to bid on SPR crude.

Nov 19 

Report that Iraq will bolster its forces in Kuwait.

Nov 20 

API reports crude inventory drop in U.S. of more than 4 MMB; Saddam 
Hussein announces plans to release German hostages; Soviet Union shows 
reluctance to endorse the use of force against Iraq. 

Nov 21 

French President Mitterand voices support of a proposed U.N. resolution 
that would authorize the use of force in the Persian Gulf.

Nov 26 

U.S. proposes addition to U.N. resolution that would require Iraq's 
withdrawal from Kuwait by January 1.

Nov 29 

U.N. Security Council approves U.S.-sponsored resolution authorizing the 
use of force in the Persian Gulf if Iraq does not withdrawal from Kuwait 
by Jan. 15, 1991.

Nov 30 

President Bush offers to send Secretary of State James Baker to Baghdad to 
meet with Hussein.

Dec 4 

An Iraqi official reports that Iraq will withdraw if it can retain control 
of the Rumailah field and keep Bubiyan and Werbah islands; also says that 
demands that the Palestinian issue be treated separately would not be 
surmountable.

Dec 5 

Iraq announces willingness to speak with U.S. about resolving the Persian 
Gulf crisis.

Dec 13 

Secretary of State Baker questions Iraq's seriousness about Middle East 
peace.

Dec 18 

Bush reiterates his "no concessions" stance against Iraq.

Received on Saturday, 15 February 2003 17:53:08 UTC