1977 world oil market chronology

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  • January: OPEC goes to two-tier pricing (Saudi Arabia and United Arab Emirates use $12.09 per barrel and other OPEC countries use $12.70per barrel).
  • May: Fifty percent of Saudi Arabia's 10 MMB/D production is halted briefly due to fire damage to separation facility in Abqaiq field. Prices increase slightly.
  • July: OPEC prices reunified at $12.70 per barrel as Saudi Arabia and UAE fall into line, then official price rises to $13.66 per barrel.
  • October 23: Dry dock complex opens at Bahrain; only facility between Portugal and Singapore capable of servicing VLCCs.
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