Wide use of crude formula pricing in 1988.
February: OPEC price meeting set.
March: OPEC/Non-OPEC meeting failure.
July: Iran accepts cease fire.
October 14: Crude oil prices jump in anticipation of possible production accord at Gulf Cooperation Council meeting set for October 16.
November 28: OPEC reaches production accord. Six-month agreement to set production at 18.5 MMB/D. Although the recent OPEC quota had been 19.0 MMB/D, actual OPEC production had been closer to 21.0 MMB/D.
December: Fulmar/Brent outages.
