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1982 world oil market chronology

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Indications of a world oil glut led to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices.

  • March: Damascus closes Iraq's 400,000 bbl/d (64,000 m3/d) trans-Syrian oil export pipeline to show support for Iran.
  • March 11: U.S. boycotts Libyan crude.
  • May 24:Iran recaptures Khorramshahr.
  • June: Iran demands $150 billion in war reparations; pledges war until Iraq's Hussein stands trial.
  • June 10: Iraq declares unilateral cease-fire.
  • July 13: Iran launches first attack into Iraq.
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