29: Major Iranian offensive mounted on central front. 1982 Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr. June: Iran demands $150 billion in war reparations; pledges war until Iraq's Hussein stands trial. June 10: Iraq declares unilateral cease-fire. Jul 13: Iran launches first attack into Iraq. 1983 Oil glut takes hold. Demand falls as a result of conservation, use of other fuels and recession. OPEC agrees to limit overall output to . OPEC agrees to individual output quotas and cuts prices by $5 to $29 per barrel. March 30, 1983 New York Mercantile Exchange (NYMEX) begins trading in crude oil futures April: Iraq increases missile attacks on Iran. July 20–30: Iran moves into northern Iraq. Casualties top 13,800 in ten days. July 26: U.S. threatens action to preserve navigation in Persian Gulf. July–August : Heavy fighting and casualties in Iran–Iraq War. October: Iran attacks northern Iraq, threatening Kirkuk–Ceyhan Oil Pipeline. 1984 February - March: Iran captures Najnoon Islands. March 27: Beginning of "tanker war." Over the next nine months, 44 ships, including Iranian, Iraqi, Saudi Arabian and Kuwaiti tankers, are attacked by Iraqi or Iranian warplanes or damaged by mines. March–June: Iran mobilizes 500,000 troops to southern front. No offensive materializes. May 26: U.S. President President Ronald Reagan rules out U.S. military intervention. June: Civilian target truce in Iran–Iraq War. October: Norway and Britain cut prices in response to falling spot market. Nigeria follows, renewing pressure on OPEC price cuts. October 17: OPEC cuts production to , but agreement is negated by cheating and price-discounting. 1985 January: Nine OPEC members adjust prices to cut gap between light and heavy crudes from $4 to $2.40 per barrel. Saudi light price cut one dollar to $28 per barrel. March 11–19: Iranian offensive; heavy casualties. May–June: "Battle of the cities" - heavy bombing from both Iran and Iraq. June: OPEC output falls to 20-year low of . June: Iran begins hit-and-run raids on Iraq. July: OPEC loses customers to cheaper North Sea oil. More OPEC price cuts. Aug: Saudi Arabia links prices to spot market. Output rises from in August to in early 1986. Aug 15: First Iraqi air raid on