1991 world oil market chronology

• January 9–14: At Geneva talks, U.S> Secretary of State James Baker says that "regrettably" Iraqi Foreign Minister Tariq 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 George H. W. Bush directs drawdown of Strategic Petroleum Reserve (SPR). U.S. Secretary of Energy James D. 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 22: Kuwaiti oil facilities are destroyed by Iraq and more Iraqi missile attacks on Saudi Arabia.
• January 30: U.S. Department of Energy 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. United Nations 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 Mbbl/d (3,550,000 m³/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: Mikhail 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 Cooperation Council for the Arab States of the Gulf members to produce 800,000 bbl/d (130,000 m³/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.