How oil prices rose over the years
Here is a chronology showing key milestones in the price of crude oil since 1970.
By Agencies |
PARIS: Here is a chronology showing key milestones in the price of crude oil since 1970:
1970: The official price of Saudi crude oil is fixed at 1.80 dollars per barrel
1974: Prices pass 10 dollars per barrel after the first oil shock, sparked by the October 1973 Arab-Israeli war
1979: Prices pass 20 dollars as the Islamic revolution in Iran causes a second oil shock
1980: Prices top 30 dollars for the first time and progress to 39 dollars in early 1981 at the height of the war between Iran and Iraq
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Sept-Oct 1990: Prices sneak above 40 dollars per barrel amid tension over Iraq's invasion of KuwaitAug 2005: Prices rise above 70 dollars when Hurricane Katrina hits the Gulf of Mexico, damaging major offshore oil installations
Dec 28, 2007: Oil prices hit 97.79 dollars per barrel after the murder of Pakistan's opposition leader Benazir Bhutto and following a sixth successive weekly drop in US crude reserves
Jan 2, 2008: Prices hit 100 dollars
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May 9, 2008: More problems in Nigeria increase concerns over supply, with prices breaching 126 dollarsDownload
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