"Lel Bruce Peto" oil sector chronology reading restate 1985..

Oil sector 80's chronology "Lel Bruce Peto" restating..
Oil & Gas Chronology :  The 1980’s


1985

Jan 
Nine OPEC members adjust prices to cut gap between light and heavy crudes 
from $4 to $2.40 per barrel. Saudi light price cut one dollar to $28 per 
barrel.

Mar 11-19 

Iranian offensive; heavy casualties.

May-Jun 

"Battle of the cities" - heavy bombing from both Iran and Iraq.

Jun 

OPEC output falls to 20-year low of 13.7 MMB/D.

Jun 

Iran begins hit-and-run raids on Iraq. 

Jul 

OPEC loses customers to cheaper North Sea oil. More OPEC price cuts.

Aug 

Saudi Arabia links prices to spot market. Output rises from 2 MMB/D in 
August to 5 MMB/D in early 1986.

Aug 15 

First Iraqi air raid on Iran's main oil export terminal, Kharg Island.

Nov 6 

Exploratory well in Ranger, Texas, blows out, spilling 150,000 BBLS of 
crude oil.

Dec 

OPEC output hits 18 MMB/D boosting a glut and triggering a price war. 

1986