1992 world oil market chronology

January: Kuwait reports oil production of 400,000 B/D; insists on restoration of its pre-invasion OPEC quota of 1.5 MMB/D.
March: United Nations threatens sanctions against Libya for its refusal to extradite suspected terrorists.
March: Commonwealth of Independent States announces that 1991 crude exports dropped by 52%.
May: Saudi Arabia supports a crude oil price hike during a late-month OPEC meeting. NYMEX Futures prices exceed $22 per barrel.
October: OPEC production reaches highest level in more than a decade at 25.25 MMB/D.
December: United States, Mexico, and Canada sign the North American Free Trade Agreement (NAFTA).

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