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 . 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 of oil on its behalf. Aug: Unsuccessful coup attempt against Soviet President Gorbachev has minimal effect on oil markets. Oct: 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). 1992 January: Kuwait reports oil production of ; insists on restoration of its pre-invasion OPEC quota of . March: United Nations threatens sanctions against Libya for its refusal to extradite suspected terrorists. March: CIS 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. Oct: OPEC production reaches highest level in more than a decade at . December: U.S.A., Mexico, and Canada sign the North American Free Trade Agreement (NAFTA). 1993 July: Oil prices plunge on speculation that Iraq will accept U.N. missile test site inspections and receive approval to resume oil exports. November: Combination of OPEC overproduction, surging North Sea output, and weak demand lowers the price of Brent to near $15