1985 world oil market chronology

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  • January: Nine OPEC members adjust prices to cut gap between light and heavy crudes from $4 to $2.40 per barrel. Saudi light price cut one dollar to $28 per barrel.
  • March 11-19: Iranian offensive; heavy casualties.
  • May-June: "Battle of the cities" - heavy bombing from both Iran and Iraq.
  • June: OPEC output falls to 20-year low of 13.7 MMB/D.
  • June: Iran begins hit-and-run raids on Iraq.
  • July: OPEC loses customers to cheaper North Sea oil. More OPEC price cuts.
  • August: Saudi Arabia links prices to spot market. Output rises from 2 MMB/D in August to 5 MMB/D in early 1986.
  • August 15: First Iraqi air raid on Iran's main oil export terminal, Kharg Island.
  • November 6: Exploratory well in Ranger, Texas, blows out, spilling 150,000 BBLS of crude oil.
  • December: OPEC output hits 18 MMB/D boosting a glut and triggering a price war.
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