1998–1999 OPEC Production Cuts and Market Rebalancing

1. Asian financial crisis weakens oil demand outlook

   Jul 2, 1997Labels: Asian financial, East Asia

   • Britannica
   • IMF
   • OPEC

2. OPEC raises production quota as prices soften

   Dec 1, 1997Labels: OPEC, Production quota

   • OilGasJ
   • EIA

3. Riyadh deal outlines multinational output cuts

   Mar 22, 1998Labels: Riyadh agreement, Saudi Arabia

   • CNN
   • IPS

4. OPEC approves first 1998 production cut package

   Mar 31, 1998Labels: OPEC, Vienna emergency

   • LA Times
   • CNN

5. First round of 1998 OPEC cuts takes effect

   Apr 1, 1998Labels: OPEC cuts, Start date

   • OilGasJ
   • LA Times

6. OPEC agrees to second major cut in 1998

   Jun 24, 1998Labels: OPEC, June 1998

   • WashPost
   • OilGasJ

7. Second 1998 cuts start, but prices remain weak

   Jul 1, 1998Labels: Second cuts, Producer compliance

   • OilGasJ
   • IPS

8. Oil-export revenue outlook deteriorates amid oversupply

   Sep 21, 1998Labels: Oil-export revenues, Oversupply

   • OilGasJ

9. OPEC fails to agree on deeper cuts in Vienna

   Nov 26, 1998Labels: OPEC, Vienna meeting

   • RFE RL

10. OPEC basket price averages near $10 in early 1999

    Feb 1, 1999Labels: OPEC basket, Price average

    • KUNA

11. The Hague talks set up a new cut framework

    Mar 12, 1999Labels: The Hague, Major producers

    • Guardian
    • CNN

12. OPEC approves 1.7 million bpd cut for one year

    Mar 23, 1999Labels: OPEC, 1999 cut

    • CNN
    • CBS AP
    • OilGasJ

13. Coordinated non-OPEC pledges expand total curbs

    Mar 29, 1999Labels: Non-OPEC pledges, Russia

    • OilGasJ
    • CNN

14. 1999 cuts take effect, helping rebalancing take hold

    Apr 1, 1999Labels: 1999 cuts, Market rebalancing

    • OilGasJ
    • CBS AP