1986 world oil market chronology

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Average world oil prices fall by over 50 percent in 1986. There is wide use of netback pricing in 1986.

  • February 3-4: OPEC fails to agree upon a production accord after a two-day meeting in Vienna.
  • February: Iran captures southern Faw peninsula], starts northern offensive.
  • May 7: Iraq bombs Tehran refinery.
  • June: OPEC production-cut talks fail, ending in a tentative majority pact on an average 1986 ceiling of 17.6 MMB/D.
  • June 8: Iraqi jets attack Assadabad satellite station.
  • July: Brent price dips under $9 per barrel. OPEC production rises to 20 MMB/D.
  • July 27: Iraqi jets attack central Iranian city of Arak. Iran threatens missile attack of gulf states supporting Iraq.
  • August 2: Hussein offers peace in open letter to Iran.
  • August 4: Reports of probable OPEC agreement on output quotas sends oil prices higher.
  • August 12: Iran fires missile at refinery near Baghdad. Iraq raids Iranian terminal at Sirri Island severely disrupting Iranian exports.
  • December 19: OPEC reaches an accord that would cut production by seven percent for the first six months of 1987 (from 17 MMB/D to 16 MMB/D) and would raise prices immediately toward a target world oil price of $18 per barrel.
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