1980 world oil market chronology
- 1980 world oil market chronology
*March 1: Windfall Profits Tax enacted.
*May: Saudi Light raised to $28.00 per barrel, retroactive to April 1.
*Apr-September: : Buy-Sell Program allocations drop to average of 120,000 B/D 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.
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