The Iranian Crisis and the Second Oil Price Explosion

Ian Seymour

Chapter Chapter VIII in OPEC, 1980, pp 182-193 from Palgrave Macmillan

Abstract: Abstract In normal circumstances, given the strength of demand in the last quarter of 1978, crude oil production from Iran might have been expected to maintain its September near-capacity level of 6 million b/d through the fourth quarter. Instead, under the impact of oil workers’ strike action against the Shah’s regime, it declined to 5.5 million b/d in October, 3.5 million b/d in November and 2.3 million b/d in December. Towards the end of December oil exports were suspended, with only some 700,000 b/d being produced for local consumption. After the deposition of the Shah and the triumph of Ayatollah Khomeini, Iranian crude exports were resumed at the beginning of March 1979; production built up to a rhythm of around 4 million b/d, falling towards 3 million b/d in the last quarter of the year to make an overall 1979 average of 3.1 million b/d.

Keywords: Saudi Arabia; Spot Market; Official Price; Spot Prex; Ceiling Price (search for similar items in EconPapers)
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05794-8_8

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DOI: 10.1007/978-1-349-05794-8_8

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