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  • 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.
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Chronology of world oil market events (1970-2005)		 following year:
1971 world oil market chronology







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