1980s economic history
1981.
"Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted."
1982.
"Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices."
1983.
"Oil glut takes hold. Demand falls as a result of conservation, use of other fuels and recession. OPEC agrees to limit overall output to . OPEC agrees to individual output quotas and cuts prices by $5 to $29 per barrel."
1986.
"Average world oil prices fall by over 50 percent in 1986. There is wide use of netback pricing in 1986."
References.
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