1990–1999 world oil market chronology
Open-knowledge reference entry
1990
Aug: Iraq invades Kuwait. Crude and product prices soar upward; exchange markets react wildly to any Middle East news events; cash markets dominate prices after trading hours; jet fuel prices rise to record spreads over other products due to increase in defense demand. In late August, OPEC president fails to revive floundering attempts to organize a formal OPEC meeting to discuss crisis/production strategies. Informal meetings held in Vienna result in record price falls. Conflicting reports of promises to increase OPEC output to compensate for embargo of Iraq and Kuwait oil further compound market uncertainties.
2 August: Iraq invades Kuwait. Bush orders troops to Saudi Arabia.
27 August: Market prices plunge as OPEC nears informal agreement to increase output to cover 4 Mbbl/d (640,000 m3/d) shortfall due to invasion. Cash market trading experiences abrupt decline.
September 6: U.S. citizen is shot in Kuwait.
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