1980 world oil market chronology

March 1: Windfall Profits Tax enacted.
May: Saudi Light raised to $28.00 per barrel, retroactive to April 1.
Apr-September: : Buy-Sell Program allocations drop to average of 120,000 B/D for period April to September 1980.:
September 17: Iraq breaks 1975 treaty with Iran and proclaims sovereignty over Shatt al-Arab waterway.
September 23: Iraq invades Iran. Mutual bombing of installations.
November 10: Iraq captures southern port of Khorramshahr.
November 20-24: U.N. gulf war mediator Olaf Palme makes first unsuccessful peace shuttle between Tehran and Baghdad.
December: Collapse of OPEC's pricing structure. Saudis use $32 per barrel marker, others use $36 per barrel benchmark.

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