1978 world oil market chronology

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  • January: Student protests against government of Reza Pahlavi, Shah of Iran, begin, touching off a wave of political unrest and violent clashes between police and demonstrators. Throughout the year increasing anti-Shah activities are led by Muslim fundamentalists seeking to establish a Muslim state.
  • March: Amoco Cadiz tanker runs aground off the coast of France, spilling 1.6 million barrels of crude oil. (Largest crude spill to date.)
  • June Iran and Saudi Arabia block efforts of OPEC price hawks to fix the price of OPEC oil in a currency more stable than the U.S. dollar. Say world economy cannot support associated price increases. Are accused by hawks of being U.S. agents.
  • September: Shah puts Iran under military rule. Muslim leader Noori arrested in crackdown of opposition groups.
  • October: Iranian strikes; departure of foreign technicians. Pipeline fire drops Iraqi production from 600,000 to 300,000 barrels per day.
  • November: Iranian oil production starts dropping.
  • December: Iranian production hits 1.5 MMB/D in mid-December; 500,000 on December 27, a 27-year low. OPEC production rises 1.6 MMBD over two months due to increased Saudi production.
  • December 17: OPEC decides on a 14.5 percent price increase for 1979, to be implemented quarterly.
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