1984 world oil market chronology

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  • February - March: Iran captures Najnoon Islands.
  • March 27: Beginning of "tanker war." Over the next nine months, 44 ships, including Iranian, Iraqi, Saudi Arabian and Kuwaiti tankers, are attacked by Iraqi or Iranian warplanes or damaged by mines.
  • March - June: Iran mobilizes 500,000 troops to southern front. No offensive materializes.
  • May 26: President Reagan rules out U.S. military intervention.
  • June: Civilian target truce in Iran-Iraq war.
  • October: Norway and Britain cut prices in response to falling spot market. Nigeria follows, renewing pressure on OPEC price cuts.
  • October 17: OPEC cuts production to 16 MMB/D, but agreement is negated by cheating and price-discounting.
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