"Lel Bruce Peto" Oil sector 90's chronology restating..1990

"Lel Bruce Peto" Oil sector 90's chronology restating..
Oil & Gas Chronology :  The 1990=92s


1990=20

Aug=20
Iraq invades Kuwait. Crude and product prices soar upward; exchange=20
markets react wildly to any middle east news events; cash markets dominat=
e=20
prices after trading hours; jet fuel prices rise to record spreads over=20
other products due to increase in defense demand. In late August, OPEC=20
president fails to revive floundering attempts to organize a formal OPEC=20
meeting to discuss crisis/production strategies. Informal meetings held i=
n=20
Vienna result in record price falls.

Conflicting reports of promises to increase OPEC output to compensate for=
=20
embargo of Iraq and Kuwait oil further compound market uncertainties.

Aug 2=20

Bush orders troops to Saudi Arabia.

Aug 27=20

Market prices plunge as OPEC nears informal agreement to increase output=20
to cover 4 MMB/D shortfall due to invasion. Cash market trading=20
experiences abrupt decline.

Sep 6=20

U.S. citizen is shot in Kuwait. API reports 4.4 MMB weekly draw in=20
domestic crude stocks. Oil markets surge on aggressive U.S. statements=20
toward Iraq.

Sep 21=20

Reports that U.S refinery problems will lead to a 200,000 B/D loss in=20
capacity and aggressive remarks by Saddam Hussein send crude prices to ne=
w=20
highs.

Sep 24=20

Iraq invades the French and Dutch missions in Kuwait; French President=20
Mitterand called the action a violation of international law; a U.S.=20
warship boards an Iraqi-flagged tanker bound for the port of Basrah.

Sep 18=20

Crude prices outpace increases in product prices and there is talk of=20
cutting refinery runs.

Sep 20=20

Poor refining margins.

Sep 24=20

Saddam Hussein states his willingness to strike first and his intention t=
o=20
damage oil fields in the region if Iraq does strike.

Oct 1=20

Saddam Hussein says he may be willing to negotiate the occupation of=20
Kuwait and would consider foreign participation in negotiations.=20

Oct 3=20

API reports a 9 MMB weekly U.S. crude inventory draw.

Oct. 9=20

Fear of war and long-term supply disruptions as Hussein threatens Israel.

Oct 10=20

API reports crude inventories dropped by more than 4 MMB in the last week.

Oct 11=20

Libya's Qadhafi says Israel must be eliminated, and U.K. Foreign Secretar=
y=20
Hurd says force would be used if Iraq doesn't withdrawal from Kuwait.

Nov 5=20

Reports of increasing Saudi production and lower world demand.=20

Nov 6=20

Iran's oil-producing region suffers a serious earthquake.=20

Nov 7=20

API reports 5 MMB U.S. crude inventory weekly increase.

Nov 8=20

Unconfirmed rumors that Bush would announce an airlift of supplies to U.S=
.=20
embassy in Kuwait, which could ultimately trigger a military clash.

Nov 13=20

Saudis ask U.S. for rights to bid on SPR crude.

Nov 19=20

Report that Iraq will bolster its forces in Kuwait.

Nov 20=20

API reports crude inventory drop in U.S. of more than 4 MMB; Saddam=20
Hussein announces plans to release German hostages; Soviet Union shows=20
reluctance to endorse the use of force against Iraq.=20

Nov 21=20

French President Mitterand voices support of a proposed U.N. resolution=20
that would authorize the use of force in the Persian Gulf.

Nov 26=20

U.S. proposes addition to U.N. resolution that would require Iraq's=20
withdrawal from Kuwait by January 1.

Nov 29=20

U.N. Security Council approves U.S.-sponsored resolution authorizing the=20
use of force in the Persian Gulf if Iraq does not withdrawal from Kuwait=20
by Jan. 15, 1991.

Nov 30=20

President Bush offers to send Secretary of State James Baker to Baghdad t=
o=20
meet with Hussein.

Dec 4=20

An Iraqi official reports that Iraq will withdraw if it can retain contro=
l=20
of the Rumailah field and keep Bubiyan and Werbah islands; also says that=
=20
demands that the Palestinian issue be treated separately would not be=20
surmountable.

Dec 5=20

Iraq announces willingness to speak with U.S. about resolving the Persian=
=20
Gulf crisis.

Dec 13=20

Secretary of State Baker questions Iraq's seriousness about Middle East=20
peace.

Dec 18=20

Bush reiterates his "no concessions" stance against Iraq.=20