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Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members.

  • January: Iraq repels first major Iranian offensive.
  • January 28: U.S. President Ronald Reagan lifts remaining domestic petroleum price and allocation controls originally scheduled to expire in September 1981.
  • April: After meetings in Baghdad and Tehran, attempts by nine Islamic Conference leaders to mediate peace between Iraq and Iran fail.
  • August: Windfall profits tax reduced.
  • September 27-28: Iran defends its besieged port of Abadan, driving back Iraqi forces.
  • October: OPEC reaches an agreement to unify crude price at $32 per barrel through 1982 and sets an ultimate price ceiling of $38 per barrel.
  • November 4: Exxon withdraws its operations from Libya, which are taken over by the Sirte Oil Company (SOC), a subsidiary of the National Oil Corporation.
  • November 29: Major Iranian offensive mounted on central front.
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Chronology of world oil market events (1970-2005)
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