1982 world oil market chronology

Updated on Dec 18, 2023

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Indications of a world oil glut led to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices.

March: Damascus closes Iraq's 400,000 bbl/d (64,000 m³/d) trans-Syrian oil export pipeline to show support for Iran.

March 11: U.S. boycotts Libyan crude.

May 24:Iran recaptures Khorramshahr.

June: Iran demands $150 billion in war reparations; pledges war until Iraq's Hussein stands trial.

June 10: Iraq declares unilateral cease-fire.

July 13: Iran launches first attack into Iraq.

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