1979 world oil market chronology

• January: First emergency Crude Oil Buy-Sell Program allocations.
• January 16: Shah leaves Iran on vacation, never to return. Bakhtiar government established by the Shah to preside until unrest subsides.
• January 20: Saudi Arabia announces drastic cut in first-quarter production. 9.5 MMBD ceiling imposed. Although actual cuts never reach announced levels, spot prices of Middle East light crudes rise 36 percent.
• January 20: One million Iranians march in Tehran in a show of support for the exiled Ayatollah Khomeini, fundamentalist Muslim leader.
• February 12: Bakhtiar resigns as prime minister of Iran after losing support of the military.
• March 5: Iran resumes petroleum exports.
• Spring: Gasoline shortage/world oil glut.
• March 26: OPEC makes full 14.5 percent price increase for 1979 effective on April 1. Marker crude raised to $14.56 per barrel.
• May: United States Department of Energy (DOE) announces $5 per barrel entitlement to importers of heating oil. Saudi Arabia announces intention to increase direct sales and to sell less through Aramco. Both announcements send prices higher.
• June 1: Phased oil price decontrol begins. Involves gradual 28 month increase of "old" oil price ceilings, and slower rate of increase of "new" oil price ceilings.
• June 26–28: OPEC raises prices average of 15 percent, effective July 1.
• October: Buy-Sell Program sales average more than 400,000 bbl/d (64,000 m³/d) from October 1979 through March 1980 - highest level since February 1976, due to emergency allocations.
• October: Canada eliminates light crude oil exports to U.S. refiners, except for those exports required by operational constraints of pipelines.
• November 4: Iran takes American hostages.
• November 12: U.S. President Jimmy Carter orders cessation of Iranian imports to U.S.
• November 15: Iran cancels all contracts with U.S. oil companies.
• December 13: Saudi Arabia raises marker crude price to $24 per barrel.