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Oil Price
October 1973:
OPEC refuses to sell oil to countries that support Israel in the Yom Kippur War, which quadruples prices within a year.
1980:
During the Iran hostage crisis, prices reach their highest level ever of $80 per barrel.
Early 1980s:
The price of oil falls to early 1973 levels of about $38 per barrel. Part of the change is attributed to the natural fall in demand resulting from industrialized countries reducing their dependence on oil during the embargo.
Mid-1980s:
Overproduction and reduced demand causes a crash in oil prices to just above $20.
1990:
The price of oil spikes after Iraq invaded Kuwait, contributing to a global recession.
1997: OPEC increases production despite the weak Asian economies at the time. The price of oil plummets to $10 a barrel.
March 1999:
OPEC and non-OPEC producers including Russia, Mexico, Norway and Oman cut production to raise oil prices.
2000:
Oil prices top $30 a barrel. There are worries that OPEC will not increase its production to bring the price back into the desired range.
2001:
The slower economic growth in the United States, which some economists are calling the 2001 recession, reduces the demand for oil. OPEC production cuts keep the price within the band.
Sept. 11, 2001:
Attacks on the U.S. hit the economy hard enough to send oil prices below $20 per barrel.
Early 2003:
Economic recovery begins in the fall of 2003 and the price of oil begins to climb again. To compensate for a strike of oil production workers in Venezuela and for nervousness about the possible war in Iraq, OPEC raises its production. It vows to keep the market well supplied in a crisis.
Mid-2003:
At the start of the Iraq war, prices actually fall because of the expectation that the war will end quickly. OPEC reduces production expecting that Iraq would soon begin to contribute to the oil supply.
Late 2003:
Iraq's northern export pipeline is sabotaged and insurgents blow up the UN Baghdad headquarters. The price of oil goes up and hovers above $30. Despite this, OPEC cuts production, to the disappointment of the U.S. administration.
May 2004:
The price of oil hits $40 per barrel. OPEC has raised oil production but not enough to outweigh the uncertainty created by the threat of terrorism in oil-producing countries, the high demand for oil, and the low U.S. oil inventories. The increasingly gloomy fate of Yukos in Russia, responsible for two per cent of the world's oil supply, further destabilizes markets.
October 2004:
The price of oil hits over $50 after a general workers strike in Nigeria and low crude output in the Gulf of Mexico in the aftermath of hurricane Ivan.
July 2005:
The price of oil hits over $60. Analysts say it's fuelled by increased demand, especially in China, and limited U.S. refining capacity. The tension over Iran's nuclear program causes more market jitters. The only OPEC country with spare production capacity is Saudi Arabia.
August 2005:
Oil prices top $70 US a barrel after hurricane Katrina hits the eastern coast of the Gulf of Mexico. Katrina squeezes oil inventories by disrupting offshore drilling.
January 2006:
After a drop in the fall, prices surge back to more than $65 US a barrel as tension mounts in oil producers Iran and Nigeria. The United Nations ponders sanctions against Iran for its nuclear program, while militants block Nigeria's oil supply.
April 2006:
Oil futures rise to more than $70 US a barrel again, after reports from the U.S. that gasoline inventories are down more than expected. Unrest in Nigeria and uncertainty about the international reaction to Iran's nuclear program also affect prices.
OPEC refuses to sell oil to countries that support Israel in the Yom Kippur War, which quadruples prices within a year.
1980:
During the Iran hostage crisis, prices reach their highest level ever of $80 per barrel.
Early 1980s:
The price of oil falls to early 1973 levels of about $38 per barrel. Part of the change is attributed to the natural fall in demand resulting from industrialized countries reducing their dependence on oil during the embargo.
Mid-1980s:
Overproduction and reduced demand causes a crash in oil prices to just above $20.
1990:
The price of oil spikes after Iraq invaded Kuwait, contributing to a global recession.
1997: OPEC increases production despite the weak Asian economies at the time. The price of oil plummets to $10 a barrel.
March 1999:
OPEC and non-OPEC producers including Russia, Mexico, Norway and Oman cut production to raise oil prices.
2000:
Oil prices top $30 a barrel. There are worries that OPEC will not increase its production to bring the price back into the desired range.
2001:
The slower economic growth in the United States, which some economists are calling the 2001 recession, reduces the demand for oil. OPEC production cuts keep the price within the band.
Sept. 11, 2001:
Attacks on the U.S. hit the economy hard enough to send oil prices below $20 per barrel.
Early 2003:
Economic recovery begins in the fall of 2003 and the price of oil begins to climb again. To compensate for a strike of oil production workers in Venezuela and for nervousness about the possible war in Iraq, OPEC raises its production. It vows to keep the market well supplied in a crisis.
Mid-2003:
At the start of the Iraq war, prices actually fall because of the expectation that the war will end quickly. OPEC reduces production expecting that Iraq would soon begin to contribute to the oil supply.
Late 2003:
Iraq's northern export pipeline is sabotaged and insurgents blow up the UN Baghdad headquarters. The price of oil goes up and hovers above $30. Despite this, OPEC cuts production, to the disappointment of the U.S. administration.
May 2004:
The price of oil hits $40 per barrel. OPEC has raised oil production but not enough to outweigh the uncertainty created by the threat of terrorism in oil-producing countries, the high demand for oil, and the low U.S. oil inventories. The increasingly gloomy fate of Yukos in Russia, responsible for two per cent of the world's oil supply, further destabilizes markets.
October 2004:
The price of oil hits over $50 after a general workers strike in Nigeria and low crude output in the Gulf of Mexico in the aftermath of hurricane Ivan.
July 2005:
The price of oil hits over $60. Analysts say it's fuelled by increased demand, especially in China, and limited U.S. refining capacity. The tension over Iran's nuclear program causes more market jitters. The only OPEC country with spare production capacity is Saudi Arabia.
August 2005:
Oil prices top $70 US a barrel after hurricane Katrina hits the eastern coast of the Gulf of Mexico. Katrina squeezes oil inventories by disrupting offshore drilling.
January 2006:
After a drop in the fall, prices surge back to more than $65 US a barrel as tension mounts in oil producers Iran and Nigeria. The United Nations ponders sanctions against Iran for its nuclear program, while militants block Nigeria's oil supply.
April 2006:
Oil futures rise to more than $70 US a barrel again, after reports from the U.S. that gasoline inventories are down more than expected. Unrest in Nigeria and uncertainty about the international reaction to Iran's nuclear program also affect prices.
posted by Sans | 4:14 PM
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