1991 world oil market chronology

*January 4: Reports Iraq will accept U.S. offer for talks in Geneva.
*January 7: Saddam Hussein prepares his troops for what he says will be a long violent war against the U.S.
*January 9-14: At Geneva talks, Baker says that "regrettably" Iraqi Foreign Minister Aziz has indicated no softening in Iraq's position. Peace talks break down, but there is still talk of a peaceful solution to the crisis.
*January 15: Report that Iraq has a new peace initiative.
*January 16: U.S. begins air attack against Iraqi military targets. President Bush directs drawdown of Strategic Petroleum Reserve (SPR). U.S. Secretary of Energy James Watkins orders 33.75 MMB drawdown. Crude oil prices drop $9-10 per barrel in one day after having risen $3-5 per barrel during the first half of January.
*January 17: Reports of early U.S. and allied success against Iraqi forces; DOE issues SPR sales notice.
*January 18: Iraqi Scud missiles land in Israel.
*January 22: Kuwaiti oil facilities are destroyed by Iraq and more Iraqi missile attacks on Saudi Arabia.
*January 30:DOE selects 13 firms to purchase 17.3 MMB of SPR crude oil.
*February: Surplus of unsold oil held by oil producers reaches 80-90 MMB.
*February 5: First SPR oil delivered to commercial buyers.
*February 15: Daily market volatility as Hussein mentions withdrawal, but Bush calls his offer a "cruel hoax."
*February 26: Signs of Iran crude now an option for U.S. refiners, but no imports from Iran likely in near future.
*February 28: War ends. U.N. troops move into Kuwait City. Saddam Hussein orders troops out of Kuwait. Iraqi soldiers ignite Kuwaiti oil fields during their retreat.
*March 1: News that Kuwait will need to import crude in the short term.
*March 12: OPEC announces production cut to 22.3 MMB/D.
*March 13: API reports a 6 MMB weekly domestic crude inventory draw; Saudi Arabia and Iran say OPEC production cuts will take effect April 1.
*March 19: Gorbachev says the Soviet Union will cut its oil exports by nearly half.
*March 25: Nigerian crude becomes competitive in U.S. Gulf Coast as Nigeria cuts crude prices.
*April 25: Iraq expects to resume crude and product exports by July.
*June 3: Kuwait asks GCC members to produce 800,000 B/D of oil on its behalf.
*August: Unsuccessful coup attempt against Soviet President Gorbachev has minimal effect on oil markets.
*October: Soviet Union suspends petroleum product exports as its fuel shortages grow. NYMEX futures price for WTI climbs nearly $2, ending at $24 per barrel.
*November: Last of Kuwait oil well fires extinguished by well control teams.
*November: U.S. Senate filibuster causes withdrawal of an Alaska National Wildlife Refuge (ANWR) pro-leasing bill.
*December: Soviet Union collapses as a series of events precipitated by Ukrainian vote for independence leads to formation of Commonwealth of Independent States (CIS).