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1980s oil glut

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240: 82:. The world price of oil had peaked in 1980 at over US$ 35 per barrel (equivalent to $ 129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $ 27 to below $ 10 ($ 75 to $ 28 in 2023 dollars). The glut began in the early 1980s as a result of slowed economic activity in industrial countries due to the crises of the 1970s, especially in 1973 and 1979, and the energy conservation spurred by high fuel prices. The inflation-adjusted real 2004 dollar value of oil fell from an average of $ 78.2 in 1981 to an average of $ 26.8 per barrel in 1986. 38: 50: 266: 1576: 3553: 22: 331: 424:
In the United States, domestic exploration and the number of active drilling rigs were cut dramatically. In late 1985, there were nearly 2,300 rigs drilling wells; a year later, there were barely 1,000. The number of U.S. petroleum producers decreased from 11,370 in 1985 to 5,231 in 1989, according
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decreased oil production several times and nearly in half, in an attempt to maintain oil's high prices. However, it failed to hold on to its preeminent position, and by 1981, its production was surpassed by non-OPEC countries. OPEC had seen its share of the world market drop to less than a third in
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order to maintain price stability; however, many countries inflated their reserves to achieve higher quotas, cheated, or outright refused to accord with the quotas. In 1985, the Saudis tired of this behavior and decided to punish the undisciplined OPEC countries. The Saudis abandoned their role as
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became unhappy with de facto propping up prices by lowering its own production in the face of high output from elsewhere in OPEC. In 1985, daily output was around 3.5 million bpd, down from around 10 million in 1981. During this period, OPEC members were supposed to meet production quotas in
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also characterized the glut as a temporary surplus, and that the word "glut" was an example of "our American penchant for exaggerated language". He wrote that the main cause of the glut was declining consumption. In the United States, Europe, and Japan, oil consumption had fallen 13% from 1979 to
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Oil production in Saudi Arabia increased fourfold, while oil prices collapsed by approximately the same amount in real terms. As a result, the Soviet Union lost approximately $ 20 billion per year, money without which the country simply could not
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warned the next week that the word "glut" was misleading, and that temporary surpluses had brought down prices somewhat, but prices were still well above pre-energy crisis levels. This sentiment was echoed in November 1981, when the CEO of
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The 1986 oil price collapse benefited oil-consuming countries such as the United States and Japan, countries in Europe, and developing nations but represented a serious loss in revenue for oil-producing countries in
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in the United States rose from 14 miles per US gallon (17 L/100 km) in 1975 to more than 22 miles per US gallon (11 L/100 km) in 1982, an increase of more than 50 percent.
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After 1980, reduced demand and increased production produced a glut on the world market. The result was a six-year decline in the price of oil, which reduced the price by half in 1986 alone.
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reported that OPEC's production, which had previously peaked in 1977, was at its lowest level since 1969. Non-OPEC nations were at that time supplying most of the West's imports.
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of oil to maintain high consumption, but underestimated the extent to which other sources of supply would become profitable as prices increased. Electricity generation from
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High oil prices in the 1970s propped up the regime so well, that had it not been for Soviet oil sales, it's quite possible the regime would have collapsed a decade earlier.
198:, in Norwegian waters in the central North Sea. Discoveries increased exponentially in the 1970s and 1980s, and new fields were developed throughout the continental shelf. 924: 729: 171:
to adjust oil prices in the United States. That ended the withdrawal of old oil from the market and artificial scarcity, which encouraged an increase in oil production.
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By September 30, 1981, petroleum prices were to be determined by the free market. This process was accelerated by President Reagan through an Executive Order
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levels (consumer price inflation) rose, remaining between 6 and 12% from 1982 to 1986. Even Saudi Arabian economic power was significantly weakened.
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Portney, Paul R.; Parry, Ian W.H.; Gruenspecht, Howard K.; Harrington, Winston (November 2003). "The Economics of Fuel Economy Standards".
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Warsh, David (28 February 1982). "The economy: the Oil Glut deepens; OPEC's grip loosens; but a boom or a bomb could spur prices back up".
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The United States imported 28 percent of its oil in 1982 and 1983, down from 46.5 percent in 1977, due to lower consumption.
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from petroleum products by October 1981 so that prices would be wholly determined by the free market. Carter's successor,
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National Energy Technology Laboratory. "Fossil Energy – Alaska Oil History," Arctic Energy Office. Accessed 29 July 2009.
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oil production facilities became less or even not profitable. Oil prices as a result fell to as low as $ 7 per barrel.
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had to compromise with Islamic opposition in 1984 and start economic reforms dismantling socialism in 1987. After the
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wrote that in general, "A glut of crude causes tighter development budgets" in some oil-exporting nations. Mexico had
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and began producing at full capacity, creating a "huge surplus that angered many of their colleagues in OPEC".
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entered peak production, supplying 2 million bpd of crude oil in 1988, 25 percent of all U.S. oil production.
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production dwindled as commercial exploration developed major non-OPEC oilfields in Siberia, Alaska, the
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The Soviet Union had become a major oil producer before the glut. The drop of oil prices contributed to
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he reformed the constitution twice, liberalized the political space amid growing discontent, and was
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OPEC's membership began to have divided opinions over what actions to take. In September 1985,
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Yergin, Daniel (28 June 1981). "The Energy Outlook; Lulled to Sleep by the Oil Glut Mirage".
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into an economic recession and directly influenced the politics: the authoritarian regime of
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and other oil exporters", continuing a trend begun during the 1973 price increases.
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World Hydrocarbon Markets: Current Status, Projected Prospects, and Future Trends
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were not making nearly the investment in finding new oil that they did in 1981.
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1981, "in part, in reaction to the very large increases in oil prices by the
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Energy Information Administration: Petroleum Chronology of Events 1970–2000
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Urban Transportation Planning in the United States An Historical Overview
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stated that "the world temporarily floats in a glut of oil". However,
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Garvin, C. C. Jr. (9 November 1981). "The Oil Glut in Perspective".
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174 Years of Historic Houston: Oil Glut and the Economic Downturn
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1985, from about half during the 1970s. In February 1982, the
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Canada responded to high energy prices in the 1970s with the
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contributing to the glut and allegedly pumping oil from the
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American Power and the Prospects for International Order
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Fluctuations of OPEC net oil export revenues since 1972
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Toth, Ferenc L.; Rogner, Hans-Holger (January 2006).
535:"Oil Prices Pass Record Set in '80s, but Then Recede" 440:(NEP) in 1980. The program was in place until 1985. 3520:
International Association of Oil & Gas Producers
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and had particularly weak revenues. It was upset by
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The Prize: The Epic Quest for Oil, Money, and Power
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Retrieved 16 August 2010. 965: 963: 961: 959: 957: 828:. Archived from the original on 25 April 2009 479:"Crude Oil Prices – 70 Year Historical Chart" 109:Organization of Petroleum Exporting Countries 1351:"Back to the Future? Oil Replays 1980s Bust" 1202:"Venezuela Inflation rate (consumer prices)" 864:The History of the British Petroleum Company 677:EIA – International Energy Data and Analysis 427:Independent Petroleum Association of America 1896:What a Way to Go: Life at the End of Empire 1239: 1237: 912: 881: 793:. Greenwood Publishing Group. p. 112. 730:"Lessons from the 1986 Oil Price Collapsey" 586: 507:Hershey Jr., Robert D. (30 December 1989). 506: 2062: 2048: 1533: 1519: 1374: 1027: 954: 921:"How OPEC Won the Battle and Lost the War" 854: 1195: 1021: 190:Phillips Petroleum discovered oil in the 1243: 1234: 1213: 1181:. Dorling Kindersley. pp. 618–621. 1176: 329: 264: 121: 20: 2982:China National Offshore Oil Corporation 1323: 939: 918: 687: 589:"How the Oil Glut Is Changing Business" 587:Hershey Jr., Robert D. (21 June 1981). 532: 354:In 1981, before the brunt of the glut, 178:began pumping oil in 1977. The Alaskan 78:caused by falling demand following the 3570: 2856:Unconventional (oil and gas) reservoir 2615:2020 Russia–Saudi Arabia oil price war 2069: 1294: 969: 887: 786: 727: 661: 646: 460:2020 Russia–Saudi Arabia oil price war 2043: 1923:International Renewable Energy Agency 1514: 1216:"The Gulf Wars: Iraq Occupies Kuwait" 996: 945: 927:from the original on 22 February 2017 737:Brookings Papers on Economic Activity 694:. John Wiley & Sons. p. 95. 615: 502: 500: 498: 496: 292:; home heating from natural gas; and 2987:China National Petroleum Corporation 1345: 1300:"The Soviet Collapse: Grain and Oil" 1179:Financial Times World Desk Reference 1170: 1146: 1066:from the original on 3 December 2007 990: 888:Swartz, Kenneth I. (16 April 2015). 1601:Global energy crisis (2021–present) 1430: 616:Byron, Christopher (22 June 1981). 450:1980–89 world oil market chronology 43:Price of oil adjusted for inflation 13: 3047:National Iranian South Oil Company 2763:Western Canadian Sedimentary Basin 1646:Renewable energy commercialization 1461: 714:"World: Saudis Edge U.S. on Oil". 493: 408:ousted from office by the military 371:Iraq had fought a long and costly 299: 249:Kuwait oil production and exports 14: 3609: 3583:History of the petroleum industry 3515:Intercontinental Exchange Futures 3404:Chicago Bridge & Iron Company 3057:Oil & Gas Development Company 1566:Predicting the timing of peak oil 1494: 1470:, (1983), By Miguel S. Wionczek, 1324:McMaken, Ryan (7 November 2014). 1214:Thornton, Ted (12 January 2007). 861:Ferrier, RW; Bamberg, JH (1982). 321:History of ethanol fuel in Brazil 260: 3552: 3551: 1826:A Crude Awakening: The Oil Crash 1574: 1436:"No More Gushers for ExxonMobil" 997:Koepp, Stephen (14 April 1986). 509:"Worrying Anew Over Oil Imports" 383:below their common border. Iraq 238: 146: 48: 36: 3062:Oil and Natural Gas Corporation 1424: 1394: 1368: 1339: 1317: 1288: 1274: 1207: 1140: 1118: 1100: 1078: 817: 780: 758: 721: 708: 681: 670: 412:the first multi-party elections 3530:Society of Petroleum Engineers 3301:Port Harcourt Refining Company 2967:Abu Dhabi National Oil Company 1408:. 24 July 2006. Archived from 655: 640: 580: 569: 552: 526: 471: 151:In April 1979, U.S. President 135:During the 1980s, reliance on 16:Oversupply of oil in the 1980s 1: 2476:Production sharing agreements 1928:Oil Depletion Analysis Centre 1307:American Enterprise Institute 919:Denning, Liam (1 June 2016). 533:Mouawad, Jad (8 March 2008). 465: 117: 74:was a significant surplus of 3510:Canadian petroleum companies 3505:American Petroleum Institute 3042:National Iranian Oil Company 3027:Kuwait Petroleum Corporation 1540: 618:"Problems for Oil Producers" 562:U.S. News & World Report 278:price inelasticity of demand 185: 176:Trans-Alaska Pipeline System 7: 3525:International Energy Agency 2510:Enhanced oil recovery (EOR) 1918:International Energy Agency 1244:Rousseau, David L. (1998). 1057:10.1016/j.eneco.2005.03.004 576:Oak Ridge National Lab data 443: 419:the nation's final collapse 362:an economic and debt crisis 130: 64:oil price history 1946–2022 10: 3614: 3112:PTT Public Company Limited 2713:East Midlands Oil Province 2698:List of natural gas fields 2298:Integrated asset modelling 1253:University of Pennsylvania 1126:"OPEC Revenues Fact Sheet" 1108:"OPEC Revenues Fact Sheet" 318: 250: 3588:1980s in economic history 3547: 3497: 3484:Weatherford International 3363: 3213: 3165: 3017:Iraq National Oil Company 2953: 2910: 2895: 2886: 2771: 2688: 2570: 2456: 2350: 2278: 2221: 2180: 2173: 2095: 2077: 1966: 1905: 1817: 1750: 1669: 1583: 1572: 1548: 1177:Heritage, Andrew (2002). 325: 314: 1092:(Report). Archived from 1087:Resources for the Future 976:. Simon & Schuster. 739:(2): 239. Archived from 718:, 3 January 1980, p. D2. 666:. Annual API Issue: 151. 270:World energy consumption 3535:World Petroleum Council 3409:China Oilfield Services 2466:Petroleum fiscal regime 2165:Western Canadian Select 2160:West Texas Intermediate 1355:The Wall Street Journal 970:Yergin, Daniel (1991). 787:Weiner, Edward (1999). 728:Gately, Dermot (1986). 688:Bromley, Simon (2013). 438:National Energy Program 276:OPEC had relied on the 201: 62:West Texas Intermediate 3012:Indian Oil Corporation 2498:Submersible pump (ESP) 2443:Underbalanced drilling 2264:of gasoline and diesel 1808:Twilight in the Desert 890:"Setting the Standard" 385:invaded Kuwait in 1990 335: 273: 127: 55:Price of oil (nominal) 29: 3389:Cameron International 2831:Petrodollar recycling 2814:fossil fuel phase-out 2377:Differential sticking 2330:Reflection seismology 2303:Petroleum engineering 2145:OPEC Reference Basket 1948:Post Carbon Institute 1712:James Howard Kunstler 1677:Albert Allen Bartlett 1556:Fossil fuel phase-out 1402:"Oil, Oil Everywhere" 664:Oil & Gas Journal 410:after his party lost 333: 319:Further information: 268: 180:Prudhoe Bay Oil Field 125: 24: 3286:Occidental Petroleum 2600:1990 oil price shock 2426:Shale oil extraction 2399:Drilling engineering 2382:Directional drilling 2308:Reservoir simulation 1882:PetroApocalypse Now? 1854:Escape from Suburbia 1759:The Limits to Growth 28:oil prices 1983–2023 3593:Petroleum economics 3434:Naftiran Intertrade 3379:Amec Foster Wheeler 3306:Reliance Industries 3195:Naftiran Intertrade 3007:Hindustan Petroleum 2605:2000s energy crisis 1847:The End of Suburbia 1727:Dale Allen Pfeiffer 1687:Kenneth S. Deffeyes 1596:2000s energy crisis 1591:1970s energy crisis 1561:Hubbert peak theory 1349:(13 January 2015). 1262:on 27 February 2008 1222:on 17 December 2007 1148:Ruiz, RamĂłn Eduardo 1096:on 1 December 2007. 1049:2006EneEc..28....1T 206:From 1980 to 1986, 80:1970s energy crisis 3281:Marathon Petroleum 2703:List of oil fields 2313:Reservoir modeling 2071:Petroleum industry 1913:Energy Watch Group 1780:The Long Emergency 1697:John Michael Greer 1446:on 13 January 2008 1114:on 7 January 2008. 1009:on 11 January 2013 923:. Bloomberg News. 649:The New York Times 593:The New York Times 539:The New York Times 513:The New York Times 404:1988 October Riots 394:The glut directed 336: 274: 174:Additionally, the 128: 99:The New York Times 88:The New York Times 30: 3565: 3564: 3543: 3542: 3429:Nabors Industries 3359: 3358: 2557:Well intervention 2532:Petroleum product 2431:Ljungström method 2335:Seismic inversion 2320:Petroleum geology 2274: 2273: 2037: 2036: 1818:Documentary films 1732:Richard Rainwater 1682:Colin J. 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King Hubbert 1692:David Goodstein 1665: 1651:Rimini protocol 1579: 1570: 1544: 1539: 1497: 1464: 1462:Further reading 1459: 1449: 1447: 1434:(31 May 2007). 1429: 1425: 1415: 1413: 1400: 1399: 1395: 1385: 1383: 1373: 1369: 1359: 1357: 1344: 1340: 1330:Mises Institute 1322: 1318: 1302: 1293: 1289: 1280: 1279: 1275: 1265: 1263: 1259: 1248: 1242: 1235: 1225: 1223: 1212: 1208: 1200: 1196: 1189: 1175: 1171: 1164: 1145: 1141: 1131: 1129: 1124: 1123: 1119: 1106: 1105: 1101: 1089: 1083: 1079: 1069: 1067: 1063: 1032: 1026: 1022: 1012: 1010: 995: 991: 984: 968: 955: 944: 940: 930: 928: 917: 913: 903: 901: 886: 882: 875: 859: 855: 839: 838: 831: 829: 824: 822: 818: 805: 803: 801: 785: 781: 771: 769: 764: 763: 759: 749: 747: 743: 732: 726: 722: 716:Washington Post 713: 709: 702: 686: 682: 675: 671: 660: 656: 645: 641: 631: 629: 614: 607: 597: 595: 585: 581: 574: 570: 558: 557: 553: 543: 541: 531: 527: 517: 515: 505: 494: 484: 482: 477: 476: 472: 468: 446: 341:Northern Europe 328: 323: 317: 302: 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3044: 3039: 3034: 3029: 3024: 3019: 3014: 3009: 3004: 2999: 2994: 2989: 2984: 2979: 2974: 2969: 2963: 2961: 2954: 2951: 2950: 2948: 2947: 2942: 2937: 2932: 2927: 2922: 2916: 2914: 2905: 2896: 2890: 2884: 2883: 2881: 2880: 2879: 2878: 2873: 2868: 2863: 2853: 2851:Swing producer 2848: 2843: 2838: 2833: 2828: 2823: 2822: 2821: 2816: 2806: 2801: 2796: 2795: 2794: 2789: 2781: 2775: 2773: 2769: 2768: 2766: 2765: 2760: 2755: 2750: 2745: 2740: 2735: 2730: 2725: 2723:Gulf of Mexico 2720: 2715: 2710: 2705: 2700: 2694: 2692: 2686: 2685: 2683: 2682: 2677: 2672: 2667: 2662: 2657: 2652: 2647: 2642: 2637: 2632: 2627: 2622: 2617: 2612: 2610:2010s oil glut 2607: 2602: 2597: 2595:1980s oil glut 2592: 2587: 2582: 2576: 2574: 2568: 2567: 2565: 2564: 2559: 2554: 2549: 2544: 2539: 2534: 2529: 2524: 2523: 2522: 2517: 2507: 2502: 2501: 2500: 2495: 2490: 2480: 2479: 2478: 2473: 2462: 2460: 2454: 2453: 2451: 2450: 2445: 2440: 2435: 2434: 2433: 2423: 2418: 2413: 2412: 2411: 2404:Drilling fluid 2401: 2396: 2391: 2390: 2389: 2379: 2374: 2373: 2372: 2362: 2356: 2354: 2348: 2347: 2345: 2344: 2342:Seismic source 2339: 2338: 2337: 2327: 2322: 2317: 2316: 2315: 2310: 2300: 2295: 2290: 2284: 2282: 2276: 2275: 2272: 2271: 2269: 2268: 2267: 2266: 2256: 2251: 2246: 2241: 2236: 2231: 2225: 2223: 2219: 2218: 2216: 2215: 2210: 2205: 2200: 2195: 2190: 2184: 2182: 2175: 2171: 2170: 2168: 2167: 2162: 2157: 2152: 2147: 2142: 2140:Japan Cocktail 2137: 2132: 2127: 2122: 2117: 2112: 2107: 2101: 2099: 2093: 2092: 2090: 2089: 2087:Primary energy 2084: 2078: 2075: 2074: 2067: 2066: 2059: 2052: 2044: 2035: 2034: 2032: 2031: 2026: 2021: 2016: 2011: 2006: 2001: 1996: 1991: 1986: 1981: 1976: 1970: 1968: 1964: 1963: 1961: 1960: 1955: 1950: 1945: 1940: 1935: 1930: 1925: 1920: 1915: 1909: 1907: 1903: 1902: 1900: 1899: 1892: 1885: 1878: 1875:The Oil Factor 1871: 1864: 1857: 1850: 1843: 1836: 1829: 1821: 1819: 1815: 1814: 1812: 1811: 1804: 1797: 1790: 1783: 1776: 1773:The End of Oil 1769: 1762: 1754: 1752: 1748: 1747: 1745: 1744: 1739: 1734: 1729: 1724: 1722:Jeremy Leggett 1719: 1717:Jean Laherrère 1714: 1709: 1704: 1699: 1694: 1689: 1684: 1679: 1673: 1671: 1667: 1666: 1664: 1663: 1661:Swing producer 1658: 1653: 1648: 1643: 1638: 1633: 1628: 1623: 1618: 1613: 1608: 1603: 1598: 1593: 1587: 1585: 1581: 1580: 1573: 1571: 1569: 1568: 1563: 1558: 1552: 1550: 1546: 1545: 1538: 1537: 1530: 1523: 1515: 1509: 1508: 1503: 1496: 1495:External links 1493: 1492: 1491: 1478: 1463: 1460: 1458: 1457: 1423: 1393: 1367: 1338: 1316: 1298:(April 2007). 1287: 1273: 1233: 1206: 1194: 1187: 1169: 1162: 1139: 1117: 1099: 1077: 1020: 989: 982: 953: 938: 911: 880: 873: 853: 816: 799: 779: 757: 720: 707: 700: 680: 669: 654: 639: 605: 579: 568: 551: 525: 492: 469: 467: 464: 463: 462: 457: 455:2010s oil glut 452: 445: 442: 414:to Islamists. 327: 324: 316: 313: 304:New passenger 301: 298: 262: 261:Reduced demand 259: 245: 244: 237: 236: 235: 227:swing producer 203: 200: 187: 184: 161:price controls 148: 145: 132: 129: 119: 116: 85:In June 1981, 72:1980s oil glut 60: 59: 54: 47: 46: 42: 35: 34: 33: 32: 31: 15: 9: 6: 4: 3: 2: 3610: 3599: 3596: 3594: 3591: 3589: 3586: 3584: 3581: 3579: 3578:Energy crises 3576: 3575: 3573: 3558: 3550: 3549: 3546: 3536: 3533: 3531: 3528: 3526: 3523: 3521: 3518: 3516: 3513: 3511: 3508: 3506: 3503: 3502: 3500: 3496: 3490: 3487: 3485: 3482: 3480: 3477: 3475: 3472: 3470: 3467: 3465: 3462: 3460: 3457: 3455: 3452: 3450: 3447: 3445: 3442: 3440: 3437: 3435: 3432: 3430: 3427: 3425: 3422: 3420: 3417: 3415: 3412: 3410: 3407: 3405: 3402: 3400: 3397: 3395: 3392: 3390: 3387: 3385: 3382: 3380: 3377: 3376: 3374: 3371: 3362: 3352: 3351:Valero Energy 3349: 3347: 3344: 3342: 3339: 3337: 3334: 3332: 3329: 3327: 3324: 3322: 3319: 3317: 3316:Suncor Energy 3314: 3312: 3309: 3307: 3304: 3302: 3299: 3297: 3294: 3292: 3289: 3287: 3284: 3282: 3279: 3277: 3274: 3272: 3269: 3267: 3264: 3262: 3259: 3257: 3254: 3252: 3249: 3247: 3244: 3242: 3239: 3237: 3234: 3232: 3229: 3227: 3224: 3222: 3219: 3218: 3216: 3212: 3206: 3203: 3201: 3198: 3196: 3193: 3191: 3188: 3186: 3183: 3181: 3178: 3176: 3173: 3172: 3170: 3168: 3164: 3158: 3155: 3153: 3150: 3148: 3145: 3143: 3140: 3138: 3135: 3133: 3130: 3128: 3125: 3123: 3120: 3118: 3115: 3113: 3110: 3108: 3105: 3103: 3100: 3098: 3095: 3093: 3090: 3088: 3085: 3083: 3080: 3078: 3075: 3073: 3070: 3068: 3065: 3063: 3060: 3058: 3055: 3053: 3050: 3048: 3045: 3043: 3040: 3038: 3035: 3033: 3030: 3028: 3025: 3023: 3020: 3018: 3015: 3013: 3010: 3008: 3005: 3003: 3000: 2998: 2995: 2993: 2990: 2988: 2985: 2983: 2980: 2978: 2975: 2973: 2970: 2968: 2965: 2964: 2962: 2959: 2952: 2946: 2945:TotalEnergies 2943: 2941: 2938: 2936: 2933: 2931: 2928: 2926: 2923: 2921: 2918: 2917: 2915: 2913: 2909: 2906: 2903: 2894: 2891: 2889:organisations 2887:Companies and 2885: 2877: 2874: 2872: 2869: 2867: 2864: 2862: 2859: 2858: 2857: 2854: 2852: 2849: 2847: 2844: 2842: 2839: 2837: 2834: 2832: 2829: 2827: 2826:Petrocurrency 2824: 2820: 2817: 2815: 2812: 2811: 2810: 2807: 2805: 2802: 2800: 2799:Oil shale gas 2797: 2793: 2790: 2788: 2785: 2784: 2782: 2780: 2779:Abbreviations 2777: 2776: 2774: 2770: 2764: 2761: 2759: 2756: 2754: 2751: 2749: 2746: 2744: 2741: 2739: 2738:Permian Basin 2736: 2734: 2731: 2729: 2726: 2724: 2721: 2719: 2716: 2714: 2711: 2709: 2706: 2704: 2701: 2699: 2696: 2695: 2693: 2687: 2681: 2678: 2676: 2675:United States 2673: 2671: 2668: 2666: 2663: 2661: 2658: 2656: 2653: 2651: 2648: 2646: 2643: 2641: 2638: 2636: 2635:Seven Sisters 2633: 2631: 2628: 2626: 2623: 2621: 2618: 2616: 2613: 2611: 2608: 2606: 2603: 2601: 2598: 2596: 2593: 2591: 2588: 2586: 2583: 2581: 2578: 2577: 2575: 2573: 2569: 2563: 2560: 2558: 2555: 2553: 2550: 2548: 2545: 2543: 2540: 2538: 2535: 2533: 2530: 2528: 2525: 2521: 2518: 2516: 2513: 2512: 2511: 2508: 2506: 2503: 2499: 2496: 2494: 2491: 2489: 2486: 2485: 2484: 2481: 2477: 2474: 2472: 2469: 2468: 2467: 2464: 2463: 2461: 2459: 2455: 2449: 2446: 2444: 2441: 2439: 2436: 2432: 2429: 2428: 2427: 2424: 2422: 2419: 2417: 2414: 2410: 2407: 2406: 2405: 2402: 2400: 2397: 2395: 2392: 2388: 2385: 2384: 2383: 2380: 2378: 2375: 2371: 2368: 2367: 2366: 2363: 2361: 2358: 2357: 2355: 2353: 2349: 2343: 2340: 2336: 2333: 2332: 2331: 2328: 2326: 2323: 2321: 2318: 2314: 2311: 2309: 2306: 2305: 2304: 2301: 2299: 2296: 2294: 2291: 2289: 2288:Core sampling 2286: 2285: 2283: 2281: 2277: 2265: 2262: 2261: 2260: 2257: 2255: 2252: 2250: 2247: 2245: 2242: 2240: 2237: 2235: 2232: 2230: 2227: 2226: 2224: 2220: 2214: 2211: 2209: 2206: 2204: 2201: 2199: 2196: 2194: 2191: 2189: 2186: 2185: 2183: 2179: 2176: 2172: 2166: 2163: 2161: 2158: 2156: 2153: 2151: 2148: 2146: 2143: 2141: 2138: 2136: 2133: 2131: 2128: 2126: 2125:Indian Basket 2123: 2121: 2118: 2116: 2113: 2111: 2108: 2106: 2103: 2102: 2100: 2098: 2094: 2088: 2085: 2083: 2080: 2079: 2076: 2072: 2065: 2060: 2058: 2053: 2051: 2046: 2045: 2042: 2030: 2027: 2025: 2022: 2020: 2017: 2015: 2012: 2010: 2007: 2005: 2002: 2000: 1997: 1995: 1992: 1990: 1987: 1985: 1982: 1980: 1977: 1975: 1972: 1971: 1969: 1965: 1959: 1956: 1954: 1951: 1949: 1946: 1944: 1941: 1939: 1936: 1934: 1931: 1929: 1926: 1924: 1921: 1919: 1916: 1914: 1911: 1910: 1908: 1906:Organizations 1904: 1898: 1897: 1893: 1891: 1890: 1886: 1884: 1883: 1879: 1877: 1876: 1872: 1870: 1869: 1865: 1863: 1862: 1858: 1856: 1855: 1851: 1849: 1848: 1844: 1842: 1841: 1837: 1835: 1834: 1830: 1828: 1827: 1823: 1822: 1820: 1816: 1810: 1809: 1805: 1803: 1802: 1798: 1796: 1795: 1791: 1789: 1788: 1784: 1782: 1781: 1777: 1775: 1774: 1770: 1768: 1767: 1763: 1761: 1760: 1756: 1755: 1753: 1749: 1743: 1740: 1738: 1735: 1733: 1730: 1728: 1725: 1723: 1720: 1718: 1715: 1713: 1710: 1708: 1705: 1703: 1700: 1698: 1695: 1693: 1690: 1688: 1685: 1683: 1680: 1678: 1675: 1674: 1672: 1668: 1662: 1659: 1657: 1656:Simple living 1654: 1652: 1649: 1647: 1644: 1642: 1639: 1637: 1634: 1632: 1629: 1627: 1624: 1622: 1621:Hirsch report 1619: 1617: 1616:Food vs. fuel 1614: 1612: 1609: 1607: 1606:Energy crisis 1604: 1602: 1599: 1597: 1594: 1592: 1589: 1588: 1586: 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612: 610: 594: 590: 583: 577: 572: 564: 563: 555: 540: 536: 529: 514: 510: 503: 501: 499: 497: 481:. MacroTrends 480: 474: 470: 461: 458: 456: 453: 451: 448: 447: 441: 439: 434: 432: 428: 422: 420: 415: 413: 409: 405: 401: 397: 392: 390: 386: 382: 381:Rumaila field 378: 374: 369: 367: 363: 359: 358: 357:Time Magazine 352: 350: 346: 342: 332: 322: 312: 309: 307: 300:United States 297: 295: 291: 287: 286:nuclear power 283: 279: 271: 267: 254: 247: 241: 234: 232: 228: 223: 218: 216: 215: 209: 199: 197: 193: 183: 181: 177: 172: 170: 166: 165:Ronald Reagan 162: 158: 154: 147:United States 144: 142: 138: 124: 115: 112: 110: 105: 100: 96: 95: 90: 89: 83: 81: 77: 73: 63: 51: 39: 27: 23: 19: 3454:Schlumberger 3384:Baker Hughes 3276:Marathon Oil 3266:Imperial Oil 3261:Husky Energy 3251:Galp Energia 3241:Devon Energy 3127:Saudi Aramco 3107:Petrovietnam 3052:NNPC Limited 2956:National oil 2836:Petrofiction 2804:Orphan wells 2772:Other topics 2743:Persian Gulf 2670:Saudi Arabia 2640:Standard Oil 2594: 2448:Well logging 2325:Petrophysics 1933:The Oil Drum 1894: 1887: 1880: 1873: 1866: 1860: 1852: 1845: 1839: 1832: 1824: 1806: 1799: 1792: 1785: 1778: 1771: 1764: 1757: 1641:Price of oil 1636:Pickens Plan 1631:Permaculture 1480: 1467: 1448:. Retrieved 1444:the original 1439: 1426: 1414:. Retrieved 1410:the original 1405: 1396: 1384:. Retrieved 1380: 1370: 1358:. Retrieved 1354: 1341: 1333: 1319: 1310: 1290: 1276: 1264:. Retrieved 1257:the original 1224:. Retrieved 1220:the original 1209: 1197: 1178: 1172: 1152: 1142: 1130:. Retrieved 1120: 1112:the original 1102: 1094:the original 1080: 1068:. Retrieved 1040: 1036: 1023: 1011:. Retrieved 1007:the original 1002: 999:"Cheap Oil!" 992: 972: 947: 941: 929:. Retrieved 914: 902:. Retrieved 898:the original 893: 883: 863: 856: 830:. Retrieved 819: 811: 804:. Retrieved 789: 782: 770:. Retrieved 760: 748:. Retrieved 741:the original 736: 723: 715: 710: 690: 683: 672: 663: 657: 648: 642: 630:. Retrieved 626:the original 621: 596:. Retrieved 592: 582: 571: 560: 554: 542:. Retrieved 538: 528: 516:. Retrieved 512: 483:. Retrieved 473: 435: 423: 416: 393: 370: 355: 353: 345:Soviet Union 337: 310: 303: 275: 222:Saudi Arabia 219: 214:Boston Globe 212: 205: 189: 173: 153:Jimmy Carter 150: 134: 113: 98: 92: 86: 84: 71: 69: 18: 3424:Halliburton 3296:Phillips 66 3117:QatarEnergy 3087:Petrobangla 3022:KazMunayGas 2912:Supermajors 2861:heavy crude 2748:Prudhoe Bay 2728:Niger Delta 2708:Caspian Sea 2471:Concessions 2421:Measurement 2387:Geosteering 2370:Squeeze job 2280:Exploration 2229:Consumption 2188:Consumption 2181:Natural gas 2110:Bonny Light 1967:Other peaks 1549:Core issues 1432:Fox, Justin 598:30 December 518:30 December 290:natural gas 192:Chalk Group 169:free market 137:Middle East 3572:Categories 3474:Transocean 3341:Tullow Oil 3331:TechnipFMC 3097:PetroChina 2935:ExxonMobil 2841:Shale band 2718:East Texas 2691:and fields 2505:Downstream 2458:Production 2365:Completion 2293:Geophysics 2234:Production 2193:Production 2130:Indonesian 2105:Argus Sour 2097:Benchmarks 2009:Phosphorus 1801:Power Down 1787:Out of Gas 1766:Beyond Oil 1386:16 January 1360:16 January 1266:12 January 1226:14 January 1013:19 January 931:1 November 772:27 January 750:19 January 632:19 January 466:References 431:ExxonMobil 251:See also: 159:to remove 155:signed an 118:Production 3469:TC Energy 3370:companies 3200:Trafigura 3147:Sonatrach 3092:Petrobras 3082:Pertamina 2992:Ecopetrol 2958:companies 2902:companies 2900:petroleum 2876:tight oil 2871:oil shale 2866:oil sands 2846:Shale gas 2787:sweet oil 2758:Venezuela 2733:North Sea 2689:Provinces 2680:Venezuela 2527:Midstream 2222:Petroleum 2082:Petroleum 1450:8 January 1416:6 January 1381:Bloomberg 1132:25 August 1070:4 January 366:inflation 231:High-cost 186:North Sea 141:North Sea 76:crude oil 3557:Category 3464:Subsea 7 3444:Petrofac 3439:NOV Inc. 3419:GE Power 3414:Enbridge 3368:services 3190:Mercuria 3180:Glencore 3142:Sonangol 3102:Petronas 3037:Naftogaz 2809:Peak oil 2792:sour oil 2547:Upstream 2542:Refining 2537:Pipeline 2493:Pumpjack 2488:Gas lift 2409:invasion 2352:Drilling 2239:Reserves 2198:Reserves 2004:Minerals 1833:Collapse 1542:Peak oil 1312:survive. 1150:(2010). 1061:Archived 1043:(1): 3. 925:Archived 904:18 April 842:cite web 544:20 April 444:See also 389:Gulf War 253:Gulf War 131:Non-OPEC 3132:Sinopec 3122:Rosneft 3002:Gazprom 2997:Equinor 2925:Chevron 2572:History 2438:Tracers 2360:Blowout 2249:Exports 2244:Imports 2208:Exports 2203:Imports 1868:GasHole 1045:Bibcode 832:29 July 396:Algeria 294:ethanol 196:Ekofisk 3598:Demand 3498:Others 3449:Saipem 3346:TĂĽpraĹź 3336:TNK-BP 3321:Sunoco 3311:Repsol 3271:Lukoil 3214:Others 3185:Gunvor 2819:timing 2753:Russia 2665:Norway 2650:France 2645:Canada 1984:Copper 1670:People 1487:  1474:  1406:Forbes 1185:  1160:  980:  871:  806:7 June 797:  698:  485:25 May 377:Kuwait 347:, and 343:, the 326:Impact 315:Brazil 3365:Major 3231:Cepsa 3205:Vitol 3175:Enron 3137:SOCAR 3077:Pemex 3072:PDVSA 3067:Orlen 3032:Lotos 2972:ANCAP 2940:Shell 2897:Major 2655:India 2259:Price 2213:Price 2155:Urals 2150:Tapis 2120:Dubai 2115:Brent 2024:Wheat 2019:Water 1953:REN21 1840:Crude 1751:Books 1303:(PDF) 1260:(PDF) 1249:(PDF) 1090:(PDF) 1064:(PDF) 1033:(PDF) 744:(PDF) 733:(PDF) 104:Exxon 3459:Snam 3399:CH2M 3152:TPAO 2660:Iraq 2630:OPEC 2625:GECF 2174:Data 2029:Wood 2014:Soil 1999:Gold 1989:Food 1979:Coal 1938:OPEC 1861:Fuel 1485:ISBN 1472:ISBN 1452:2008 1440:Time 1418:2008 1388:2016 1362:2016 1268:2008 1228:2008 1183:ISBN 1158:ISBN 1134:2016 1072:2008 1015:2008 1003:Time 978:ISBN 933:2022 906:2015 869:ISBN 848:link 834:2009 808:2010 795:ISBN 774:2019 752:2016 696:ISBN 634:2008 622:Time 600:2015 546:2010 520:2015 487:2022 349:OPEC 288:and 282:coal 208:OPEC 202:OPEC 94:Time 70:The 3394:CGG 3291:OMV 3157:YPF 2930:Eni 1994:Gas 1974:Car 1053:doi 194:at 26:WTI 3574:: 2920:BP 2562:XT 1438:. 1404:. 1379:. 1353:. 1332:. 1328:. 1309:. 1305:. 1251:. 1236:^ 1059:. 1051:. 1041:28 1039:. 1035:. 1001:. 956:^ 892:. 844:}} 840:{{ 810:. 735:. 620:. 608:^ 591:. 537:. 511:. 495:^ 421:. 391:. 351:. 284:, 2063:e 2056:t 2049:v 1534:e 1527:t 1520:v 1454:. 1420:. 1390:. 1364:. 1284:. 1270:. 1230:. 1191:. 1166:. 1136:. 1074:. 1055:: 1047:: 1017:. 986:. 950:. 935:. 908:. 877:. 850:) 836:. 776:. 754:. 704:. 651:. 636:. 602:. 548:. 522:. 489:.

Index


WTI


West Texas Intermediate
crude oil
1970s energy crisis
The New York Times
Time
Exxon
Organization of Petroleum Exporting Countries

Middle East
North Sea
Jimmy Carter
executive order
price controls
Ronald Reagan
free market
Trans-Alaska Pipeline System
Prudhoe Bay Oil Field
Chalk Group
Ekofisk
OPEC
Boston Globe
Saudi Arabia
swing producer
High-cost
Kuwait oil production and exports

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