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1980–1989 World Oil Market Chronology
1980 * March 1: United States federal Windfall Profits Tax enacted. * May: Saudi Light raised to $28.00 per barrel, retroactive to April 1. * April–September: : Buy-Sell Program allocations drop to average of for period April to September 1980.: * September 17: Iraq breaks 1975 treaty with Iran and proclaims sovereignty over Shatt al-Arab waterway. * September 23: Iraq invades Iran. Mutual bombing of installations. * November 10: Iraq captures southern port of Khorramshahr. * November 20–24: U.N. gulf war mediator Olof Palme makes first unsuccessful peace shuttle between Tehran and Baghdad. * December: Collapse of OPEC's pricing structure. Saudis use $32 per barrel marker, others use $36 per barrel benchmark. 1981 ''Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted.'' * January: ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iraq
Iraq,; ku, عێراق, translit=Êraq officially the Republic of Iraq, '; ku, کۆماری عێراق, translit=Komarî Êraq is a country in Western Asia. It is bordered by Turkey to Iraq–Turkey border, the north, Iran to Iran–Iraq border, the east, the Persian Gulf and Kuwait to the southeast, Saudi Arabia to the south, Jordan to Iraq–Jordan border, the southwest and Syria to Iraq–Syria border, the west. The Capital city, capital and largest city is Baghdad. Iraq is home to diverse ethnic groups including Iraqi Arabs, Kurds, Iraqi Turkmen, Turkmens, Assyrian people, Assyrians, Armenians in Iraq, Armenians, Yazidis, Mandaeans, Iranians in Iraq, Persians and Shabaks, Shabakis with similarly diverse Geography of Iraq, geography and Wildlife of Iraq, wildlife. The vast majority of the country's 44 million residents are Muslims – the notable other faiths are Christianity in Iraq, Christianity, Yazidism, Mandaeism, Yarsanism and Zoroastrianism. The official langu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1980s Oil Glut
The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $ per barrel in dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($ to $ in dollars). The glut began in the early 1980s as a result of slowed economic activity in industrial countries due to the crises of the 1970s, especially in 1973 and 1979, and the energy conservation spurred by high fuel prices. The inflation-adjusted real 2004 dollar value of oil fell from an average of $78.2 in 1981 to an average of $26.8 per barrel in 1986. In June 1981, ''The New York Times'' proclaimed that an "oil glut" had arrived and ''Time'' stated that "the world temporarily floats in a glut of oil". However, ''The New York Times'' warned the next week that the word "glut" was misleading, and that temporary surpluses had brought down prices somewhat, but prices were still we ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bligh Reef
Bligh Reef, sometimes known as Bligh Island Reef, is a reef off the coast of Bligh Island in Prince William Sound, Alaska. This was the location of the 1989 ''Exxon Valdez'' oil spill. After the incident, 33 US Code § 2733 mandated the operation of an automated navigation light to prevent future collisions with the reef. Despite these efforts the tug ''Pathfinder'' ran aground on Bligh Reef on Dec 24, 2009, rupturing its tanks and spilling diesel fuel. Bligh Reef is also where Alaska Steamship Company's Olympia ran aground in 1910. Bligh Reef serves as a fishing ground for halibut and a harvesting area for shrimp. The nearest town is Tatitlek, which lies to the northeast. The reef was named after William Bligh, of future HMS ''Bounty'' fame, who served as Master aboard ship during James Cook James Cook (7 November 1728 Old Style date: 27 October – 14 February 1779) was a British explorer, navigator, cartographer, and captain in the British Royal Navy, famous for h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prince William Sound
Prince William Sound (Sugpiaq: ''Suungaaciq'') is a sound of the Gulf of Alaska on the south coast of the U.S. state of Alaska. It is located on the east side of the Kenai Peninsula. Its largest port is Valdez, at the southern terminus of the Trans-Alaska Pipeline System. Other settlements on the sound, which contains numerous small islands, include Cordova and Whittier plus the Alaska native villages of Chenega and Tatitlek. History James Cook entered Prince William Sound in 1778 and initially named it Sandwich Sound, after his patron the Earl of Sandwich. Later that year, the Sound was named to honour George III's third son Prince William Henry, then aged 13 and serving as a midshipman in the Royal Navy. In 1790, the Spanish explorer Salvador Fidalgo entered the sound, naming many of its features. Some places in the sound still bear the names given by Fidalgo, as Port Valdez, Port Gravina or Cordova. The explorer landed on the actual site of Cordova and took possession of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crude Oil
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both prolonged heat and pressure. Petroleum is primarily recovered by oil drilling. Drilling is carried out after studies of structural geology, sedimentary basin analysis, and reservoir characterisation. Recent developments in technologies have also led to exploitation of other Unconventional (oil & gas) reservoir, unconventional reserves such as oil sands and oil shale. Once extracted, oil is refined and separated, most easily by Continuous distillation#Continuous distillation of crude oil, distillation, into innume ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exxon Valdez
''Oriental Nicety'', formerly ''Exxon Valdez'', ''Exxon Mediterranean'', ''SeaRiver Mediterranean'', ''S/R Mediterranean'', ''Mediterranean'', and ''Dong Fang Ocean'', was an oil tanker that gained notoriety after running aground in Prince William Sound, spilling its cargo of crude oil into the sea. On March 24, 1989, while owned by the former Exxon Shipping Company, captained by Joseph Hazelwood and First Mate James Kunkel, and bound for Long Beach, California, the vessel ran aground on the Bligh Reef, resulting in the second largest oil spill in United States history. The size of the spill is estimated to have been . In 1989, the ''Exxon Valdez'' oil spill was listed as the 54th largest spill in history. Carrier The tanker was 301 meters long, 51 meters wide, and 26 meters deep (987 ft x 166 ft x 88 ft), with a deadweight of 214,861 long tons and a full-load displacement of 240,291 long tons. The ship was able to transport up to at a sustained speed of , ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tehran
Tehran (; fa, تهران ) is the largest city in Tehran Province and the capital of Iran. With a population of around 9 million in the city and around 16 million in the larger metropolitan area of Greater Tehran, Tehran is the most populous city in Iran and Western Asia, and has the second-largest metropolitan area in the Middle East, after Cairo. It is ranked 24th in the world by metropolitan area population. In the Classical era, part of the territory of present-day Tehran was occupied by Rhages, a prominent Median city destroyed in the medieval Arab, Turkic, and Mongol invasions. Modern Ray is an urban area absorbed into the metropolitan area of Greater Tehran. Tehran was first chosen as the capital of Iran by Agha Mohammad Khan of the Qajar dynasty in 1786, because of its proximity to Iran's territories in the Caucasus, then separated from Iran in the Russo-Iranian Wars, to avoid the vying factions of the previously ruling Iranian dynasties. The capital has been ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iran
Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmenistan to the north, by Afghanistan and Pakistan to the east, and by the Gulf of Oman and the Persian Gulf to the south. It covers an area of , making it the 17th-largest country. Iran has a population of 86 million, making it the 17th-most populous country in the world, and the second-largest in the Middle East. Its largest cities, in descending order, are the capital Tehran, Mashhad, Isfahan, Karaj, Shiraz, and Tabriz. The country is home to one of the world's oldest civilizations, beginning with the formation of the Elamite kingdoms in the fourth millennium BC. It was first unified by the Medes, an ancient Iranian people, in the seventh century BC, and reached its territorial height in the sixth century BC, when Cyrus the Great fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Windfall Profits Tax
A windfall tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry. There have been windfall taxes in various countries across the world, including Mongolia, Australia, and on wind power in Turkey. Australia In Australia, windfall taxes include: * Commonwealth places windfall tax, imposed under the ''Commonwealth Places Windfall Tax (Collection) Act 1998'' (1998 No 25) and the ''Commonwealth Places Windfall Tax (Imposition) Act 1998'' (1998 No 26) * Franchise fees windfall tax, imposed under the ''Franchise Fees Windfall Tax (Collection) Act 1997'' (1997 No 132), ''Franchise Fees Windfall Tax (Imposition) Act 1997'' (1997 No 133), and ''Franchise Fees Windfall Tax (Consequential Amendments) Act 1997'' (1997 No 134) In both cases, windfall tax originates in High Court decisions that certain state taxes were unconstitutional. Thus, the States were required to repay to the taxpayers the amounts previously collected under these ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vienna
en, Viennese , iso_code = AT-9 , registration_plate = W , postal_code_type = Postal code , postal_code = , timezone = CET , utc_offset = +1 , timezone_DST = CEST , utc_offset_DST = +2 , blank_name = Vehicle registration , blank_info = W , blank1_name = GDP , blank1_info = € 96.5 billion (2020) , blank2_name = GDP per capita , blank2_info = € 50,400 (2020) , blank_name_sec1 = HDI (2019) , blank_info_sec1 = 0.947 · 1st of 9 , blank3_name = Seats in the Federal Council , blank3_info = , blank_name_sec2 = GeoTLD , blank_info_sec2 = .wien , website = , footnotes = , image_blank_emblem = Wien logo.svg , blank_emblem_size = Vienna ( ; german: Wien ; ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OPEC
The Organization of the Petroleum Exporting Countries (OPEC, ) is a cartel of countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquartered in Vienna, Austria, although Austria is not an OPEC member state. , the 13 member countries accounted for an estimated 44 percent of global oil production and 81.5 % of the world's proven oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called " Seven Sisters" grouping of multinational oil companies. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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