March 14, 1983 (30 Guihai the first month), OPEC members agreed to cut the price of oil for the first time. 14, March

1983 to restore control of the world oil market, a member of the oil-exporting countries in the establishment of the organization agreed to cut the price of oil for the first time in 25 years. 13 oil-exporting countries gathered in London also stipulates that no more than 1750 barrels daily production of oil, less than the current daily maximum limit of 100 million barrels, but still at least 350 million barrels higher than the actual production. Since 1974, the price of oil rose from less than $ 5 a barrel to $ 35. Saudi Arabian light crude oil prices as a reference point, the new agreement is reduced to $ 29 per barrel, a 15% reduction. This action of the oil-exporting countries in the prices soared, prompting consumers to take protective measures, causing sales to drop case taken. Representatives of the oil-exporting countries are hoping that the new restrictions on oil production will eventually reduce the large supply of oil on the world market. So there is no need for further reduction in the price of oil. Analysts, however, believe that all Member States have yet to develop a policy success consciously to comply with the price specified in the respective production quotas and treaties. They say, but does not belong to the countries of the members of the oil-exporting countries like the United Kingdom the production of oil.
British officials said they will evaluate the consequences of the oil-exporting countries such a move in a week later.