The Full Wiki

More info on 1971 world oil market chronology

1971 world oil market chronology: Wikis

Advertisements
  

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

From Wikipedia, the free encyclopedia

  • January 12: Negotiations begin in Tehran between 6 Gulf producing countries and 22 oil companies.
  • February 3: OPEC mandates "total embargo" against any company that rejects the 55 percent tax rate.
  • February 14: Tehran agreement signed. Companies accept 55 percent tax rate, immediate increase in posted prices, and further successive increases.
  • February 24: Algeria nationalizes 51 percent of French oil concessions.
  • April 2: Libya concludes five weeks of negotiations with Western oil companies in Tripoli on behalf of itself, Saudi Arabia, Algeria and Iraq. Agreement raises posted prices of oil delivered to Mediterranean from $2.55 to $3.45 per barrel; provides for a 2.5 percent annual price increase plus inflation allowance; raises tax rate from a range of 50-58 percent to 60 percent of posted price.
  • July 31: Venezuela's Hydrocarbons Reversion Law mandates gradual transfer to government ownership of all "unexploited concession areas" by 1974 and "all their residual assets" by 1983.
  • August 15: U.S. Government institutes Phase I price controls. Invoking the powers granted to the president by the Economic Stabilization Act of 1970, U.S. President Richard Nixon orders 90-day nationwide freeze on all wages, prices, salaries and rents.
  • September 22: OPEC directs members to negotiate price increases to offset the devaluation of the U.S. dollar.
  • November:U.S. Phase II price controls begin. Plan is to allow for gradual 2-3 percent annual price increases, however, domestic petroleum prices remain at Phase I levels.
  • December 5: Libya nationalizes the British Petroleum concession (which included the Sarir field in the Sirte Basin. Operations are transferred to the state-owned National Oil Corporation.
previous year:
1970 world oil market chronology
This article is part of the
Chronology of world oil market events (1970-2005)
following year:
1972 world oil market chronology
Advertisements

Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message