1970 world oil market chronology

• January 1: U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent.
• May 3: TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, creating all-time tanker rate highs from June to December.
• September 4: Libya raises posted prices and increases tax rate from 50 percent to 55 percent. Iran and Kuwait follow in November.
• November 12: The Libyan government establishes the National Oil Corporation.
• December 9: OPEC meeting in Caracas establishes 55 percent as minimum tax rate and demands that posted prices be changed to reflect changes in foreign exchange rates.