1974 world oil market chronology

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  • January 7-9: OPEC decides to freeze posted prices until April 1.
  • January 29: Kuwait announces 60 percent government participation in BP-Gulf concession; Qatar follows on February 20.
  • February 11: Washington Energy Conference opens. Attended by 13 industrial and oil producing nations. Called by U.S. to resolve the international energy problems through economic cooperation among nations. Henry Kissinger unveils Nixon Administration's seven-point "Project Independence" plan to make the U.S. energy independent. Libya nationalizes three U.S. oil companies that had not agreed to 51 percent nationalization in September.
  • February 12-14: Heads of state of Algeria, Egypt, Syria, and Saudi Arabia discuss oil strategy in view of the progress in Arab-Israeli disengagement.
  • March 18: Arab oil ministers announce the end of the embargo against the United States, all except Libya.
  • May 18: Nigeria announces 55 percent government participation in all concessions.
  • June 1-3: Arab oil ministers decide to end most restrictions on exports of oil to the United States but continue embargo against the Netherlands, Portugal, South Africa, and Rhodesia.
  • June 4: Saudi Arabia announces that it will increase its participation in Aramco to 60 percent. Abu Dhabi and Kuwait follow in September. Increases are retroactive to January 1.
  • June 13: IMF establishes its "oil facility," a special fund for loans to nations whose balance of payments have been severely affected by high oil prices.
  • July 10-11: OAPEC lifts the embargo against the Netherlands.
  • September 6: Saudi Arabia increases its buy-back price from 93 percent to 94.9 percent of posted price.
  • September 13: OPEC instructs its Secretary General to "carry out a study of supply and demand in relation to possible production controls."
  • Oct-November: Saudi Arabians raise tax rate to 85 percent and royalty rate to 20 percent.
  • November 15: International Energy Agency formed in Paris within OECD framework. Saudi Arabia, Qatar, and United Arab Emirates announce a slight reduction in posted prices and tax rates.
  • December U.S. Crude Oil Entitlements Program enacted, retroactive to November 1974.
  • December 22: Iraq announces plans to increase its production capacity to 3.5 MMB/D by 1975 and to 6 MMB/D by 1981.
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