1977 world oil market chronology
- 1977 world oil market chronology
*January: OPEC goes to two-tier pricing (Saudi Arabia and United Arab Emirates use $12.09 per barrel and other OPEC countries use $12.70per barrel). U.S. oil imports from OPEC members averaged 285.355 thousand bpd.
*May: Fifty percent of Saudi Arabia's 10 MMB/D production is halted briefly due to fire damage to separation facility in Abqaiq field. Prices increase slightly.
*July: OPEC prices reunified at $12.70 per barrel as Saudi Arabia and UAE fall into line, then official price rises to $13.66 per barrel.
*October 23: Dry dock complex opens at Bahrain; only facility between Portugal and Singapore capable of servicing VLCCs.
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