This post explores relationship between the development of the International Monetary System (IMS) with the development in the gold and oil markets. It concentrates on important dates and looks into official relevant documents. Lets now look into the year 1973:
Japan lifts prohibition on imports of gold. Singapore liberalized the Gold market for residents.
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January: The 1973–1974 stock market crash begins, as a result of inflation pressure, the Nixon Shock and the collapsing monetary system.
January 11: U.S. Phase III price controls begin. Allows for voluntary instead of mandatory price control on all U.S. prices. This does not prevent a sharp rise in heating oil prices caused by a severe winter and shortage of product.
January 17: President Nixon suspends mandatory oil import quota on No. 2 heating oil through April 30.
January 23: Shah of Iran announces that the 1954 operating agreement between a consortium of oil companies and Iran will not be renewed when it expires in 1979. The consortium was formed in 1954 as a means to settle a dispute between a new ministry in Iran and the Anglo-Iranian Oil Company (AIOC). The consortium included Standard Oil of New Jersey, Standard Oil of California, SOCONY-Vacuum, the Texas Company, Gulf, Royal Dutch-Shell, the Compagnie Francaise de Petroles, and the AIOC.
February 1: EC PROPOSALS ON COOPERATION AGREEMENT WITH OIL PRODUCERS - 1973THEHA00564_b
February 6: 3. Conversation Among President Nixon, Secretary of the Treasury Shultz, and the Chairman of the Federal Reserve System Board of Governors (Burns)
February 28: Iraq and IPC reach an agreement on compensation for nationalization.
March: Special Rule No. 1 reimposes mandatory (Phase II) price controls on the 23 largest oil companies. Smaller companies, representing 5 percent of the market, enjoy uncontrolled prices.
March 9: IRAQ OIL - 1973LONDON02864_b
March 10: 1973PARIS06020_b - AMBASSADOR IRWIN' S AMERICAN CLUB SPEECH
March 12: MARCH 11-12 EC COUNCIL ( FINANCE) - INTERNATIONAL MONETARY CRISIS - 1973ECBRU01302_b
March 13: PRESS REPORTS - GOJ RESPONSES IN DIET ON MONETARY SITUATION - 1973TOKYO02927_b
March 14: MIN FIN AICHI STATEMENT ON PARIS MONETARY CONFERENCE - 1973TOKYO03047_b
March 14: 1973JIDDA01059_b - SAMA GOVERNOR: NO SPECULATION
March 15: 1973PRETOR00846_b - SA GOLD AND FOREIGN EXCHANGE RESERVES
March 16: Shah of Iran and Consortium members agree to nationalize all assets immediately in return for an assured 20-year supply of Iranian oil.
March 16: OPEC discusses raising prices to offset decline of U.S. dollar value.
March 17: 1973BRUSSE01457_b - SECRETARY SHULTZ TRIP
March 19: CONVERSATION BETWEEN CHANCELLOR BRANDT AND SECRETARY OF THE TREASURY SHULTZ - 1973STATE050189_b
March 20: CLARIFICATION OF AICHI VIEWS ON DOLLAR CONVERTIBILITY - 1973TOKYO03261_b
March 28: 168. Memorandum From the President's Assistant for International Economic Affairs (Flanigan) to President Nixon
March 30: ORTOLI ON US- EC RELATIONS - 1973BONN04738_b
April 1: OPEC increases posted prices by 5.7 percent.
April 12: 1973THEHA01721_b - EMMINGER VIEWS ON FUTURE ROLE OF DOLLAR
April 18: COMMISSION PAPER ON THE SECOND STAGE OF ECONOMIC AND MONETARY UNION - 1973BRUSSE02138_b
April 18: U.S. Government ends Mandatory Oil Import Program. Program, established in 1959 by President Eisenhower, had limited imports of crude and product east of the Rocky Mountains to a percentage of domestic crude production.
April 20: LOCAL PRESS: YAMANI STATEMENT & PRESIDENT' S OIL MESSAGE - 1973STATE075169_b
May 4: 1973PARIS12302_b - VIEWS OF FRENCH FINANCE MINISTER ON MONETARY SITUATION
May 11: OPEC PARITY NEGOTIATIONS BREAK DOWN - 1973VIENNA02951_b
May 19: 1973PARIS13924_b - NIXON- POMPIDOU SUMMIT: AGENDA ITEM II A - INTERNATIONAL MONETARY REFORM
June 1: Eight OPEC countries raise posted prices by 11.9 percent.
June 11: Libya nationalizes Bunker Hunt concession; Nigeria acquires 35 percent participation in Shell-BP concession.
June 14: Nixon administration imposes 60-day economy-wide price freeze, superseding Special Rule No. 1 for oil companies.
June 21: 1973OECDP17066_b - VAN LENNEP DECISION ON IMF JOB OFFER
July 5: CONVERSATION WITH FINANCE MINISTER SCHMIDT - 1973BONN09594_b
July 13: POSSIBLE EC COMMISSION REACTION TO MONETARY SITUATION - 1973ECBRU03975_b
July 17: VIEWS OF GOF OFFICIAL ON LINK BETWEEN MONETARY SITUATION AND TRADE - 1973PARIS19556_b
August: Libya nationalizes 51 percent of Occidental Petroleum concession and of the Oasis consortium.
August 2: GISCARD REPORTS ON WASHINGTON C-20 MEETING - 1973PARIS20979_b
August 3: DUISENBERG ON C-20 MEETING - 1973THEHA03402_b
August 4: PETROLEUM MEETING BETWEEN GEORGE BENNSKY AND EC COMMISSION VICE PRESIDENT HENRI SIMONET
August 7: 1973PARIS21327_b - HEIKAL ON OIL AS POLITICAL WEAPON
August 7: 50. Memorandum From the President's Assistant for National Security Affairs (Kissinger) to President Nixon
August 9: 1973STATE157536_b - ARAB LEAGUE CALLS MEETING TO DISCUSS ARAB RESERVES
August 9: 1973ECBRU04614_b - ECONOMIC AND MONETARY UNION -- EC COMMISSION REPORT ON PROGRESSIVE POOLING OF RESERVES AND ADJUSTMENT OF SHORT-TERM MONETARY SUPPORT
August 12: 1973JIDDA03428_b - MINIMAL SAUDI REVALUATION
August 13: SUBJECTS FOR DISCUSSION AT SEPT 15 OPEC MEETING - 1973JIDDA03461_b
August 16: FULL TEXT PROVIDES FURTHER POINTS IN GISCARD TIME INTERVIEW - 1973PARIS22080_b
August 17: President Nixon's Cost of Living Council imposes two-tier price ceiling on crude petroleum sales: production of "old" oil (that produced at or below 1972 levels from existing wells) to be sold at March 1973 prices plus 35 cents; production of "new" oil (that produced above 1972 levels from existing wells and oil produced from new wells) to be sold at uncontrolled prices.
August 23: 1973STATE167505_b - SAUDI GOVERNMENT CONSIDERATION OF CEILING ON OIL PRODUCTION
August 30: YAMANI'S VISIT TO TEHRAN - 1973TEHRAN06189_b
September: Kuwait rejects gradual participation increase plan, insists on immediate 60 percent participation.
September 1: Libya nationalizes 51 percent of nine other companies' concessions: Esso, Libya/Sirte, Mobil, Shell, Gelensberg, Texaco, SoCal, Libyan-American (ARCO), and Grace.
September 4: 1973ROME09110_b - CONFERENCE ON INTERNATIONAL MONETARY REFORM AT SIENA
September 4: OIL - NIOC POLICY AND COMMITMENTS FOR CRUDE SALES - 1973TEHRAN06277_b
September 5: Conference of less developed countries approves forming "producers' associations," calls for withdrawal of Israeli forces from occupied Arab lands.
September 15: OPEC supports price hikes and designates six Persian Gulf countries to negotiate collectively with companies over prices. Other members to negotiate individually.
September 18: DRAFT MEMCON SECY SHULTZ CONVERSATION WITH FONMIN OHIRA SEPT 13 - 1973TOKYO12046_b
September 25: U.K. PRESS ON C-20 AND IMF - 1973LONDON10985_b
September 26: MORNING SUMMARY OF SIGNIFICANT REPORTS - 1973STATE191329_b2
September 26: SEPTEMBER 24 PRESS BRIEFING BY SECRETARY SHULTZ THERE FOLLOWS THE TRANSCRIPT OF A PRESS CONFERENCE BY SECRETARY SHULTZ - 1973NAIROB06498_b
September 27: 1973PARIS25380_b - POMPIDOU CONFERENCE: INTERNATIONAL MONETARY SYSTEM
October 5: 1973LUXEMB00707_b - PRIME MINISTER COMMENTS ON IMF MEETING
October 28: 54. Memorandum From Secretary of the Treasury Shultz to President Nixon
October 5: GOF DISAPPOINTMENT WITH NAIROBI MEETING - 1973PARIS26182_b
October 6: Beginning of fourth Arab-Israeli War.
October 7: n/a - 1973STATE199684_b
October 7: Iraq nationalizes Exxon and Mobil shares in Basrah Petroleum Company representing 23.75 percent equity in the company.
October 8: OPEC meets with oil companies to discuss revision of 1971 Tehran agreement and oil prices. Negotiations fail.
October 11: GOF ASSESSMENT OF NAIROBI MEETING - 1973STATE202121_b
October 12: The United States initiates Operation Nickel Grass, an overt strategic airlift operation to provide replacement weapons and supplies to Israel during the Yom Kippur War. This followed similar Soviet moves to supply the Arab side.
October 12: OIL COMPANY OFFICIALS' MEETING WITH DEPUTY SECRETARY OCTOBER 10 - 1973STATE202689_b
October 16: SAUDI WARNING TO EUROPEAN COMMUNITY - 1973JIDDA04548_b
October 16: The Gulf Six (Iran, Iraq, Abu Dhabi, Kuwait, Saudi Arabia and Qatar) unilaterally raise the posted price of Saudi Light marker crude 17 percent from $3.12 to $3.65 per barrel and announce production cuts.
October 17: OPEC oil ministers agree to use oil weapon in Arab-Israeli War, mandate cut in exports, and recommend embargo against unfriendly states.
October 19: US President R.Nixon requests Congress to appropriate $2.2billion in emergency aid to Israel. This decision triggered a collective Arab response. Libya proclaims an embargo on oil exports to the United States; Saudi Arabia and other Arab states follow.
October 20: ARAB THREATS TO WITHDRAW FUNDS FROM U.S. BANKING AND FINANCIAL INSTITUTIONS - 1973JIDDA04616_b
October 20: SAUDI MINISTER OF PETROLEUM'S ACCOUNT OF KUWAIT ARAB OIL MEETING - 1973JIDDA04615_b
October 23: Arab oil embargo extended to the Netherlands.
October 23: SAUDI BAN ON OIL SHIPMENTS TO U.S - 1973JIDDA04663_b
October 24: YAMANI INFORMS JAPANESE OF 14-15 PERCENT CUT UNLESS ACTION TAKEN - 1973JIDDA04688_b
October 30: VIEWS OF SAUDI PETROLEUM MINISTER: SAUDI-AMERICAN RELATIONS AFTER PEACE IS RESTORED; THE CARROT (PART III OF III) - 1973JIDDA04769_b
November 1: 55. Memorandum From John Reynolds of the Federal Reserve System Board of Governors Staff to the Chairman of the Federal Reserve System Board of Governors (Burns)
November 3: 1973TELAV08901_b - ISRAEL'S FOREIGN EXCHANGE POSITION
November 5: Arab producers announce 25 percent cut in production below September levels. Further cuts of five percent are threatened.
November 6: 1973BONN16051_b - FRG FINANCE MINISTER SCHMIDT ON GOLD
November 8: MEETING OF UNDER SECRETARY CASEY WITH EC COMMISSION VICE PRESIDENT SIMONET
November 8: OAPEC MEETING IN KUWAIT: ATEEQI COMMENTS ON EC SHARING, NATIONALIZATION OF AMERICAN OIL INTERESTS AND USE OF MONETARY MEASURES - 1973LONDON13099_b
November 13: 56. Editorial Note alias (Termination of Gold pool)
November 14: BANK OF FRANCE GOVERNOR ON TERMINATION OF 1968 WASHINGTON GOLD AGREEMENT - 1973PARIS29366_b
November 15: 1973LONDON13395_b - BRITISH REACTION TO TERMINATION OF 1968 WASHINGTON GOLD AGREEMENT
November 16: 1973BRUSSE06563_b - BELGIAN FINANCE MINISTER ON GOLD
November 16: 1973STATE227277_b - TWO-TIER GOLD SYSTEM
November 18: Arab oil ministers cancel the scheduled 5 percent cut in production for EEC.
November 18: SAUDI LIMIT ON POL GROWTH MAY STILL BE LIBERAL - 1973JIDDA05099_b
November 19: DIEDERICHS ON END OF TWO-TIER SYSTEM - 1973PRETOR04211_b
November 20: 1973LONDON13568_b - TWO-TIER GOLD SYSTEM
November 20: INDIA JOINS LIST OF PREFERRED COUNTRIES CONFIDENTIAL - 1973JIDDA05136_b
November 20: SAUDI OIL PRODUCTION LIKELY TO RISE DRAMATICALLY FOLLOWING A PEACE SETTLEMENT SECRET - 1973JIDDA05123_b
November 21: 1973PARIS30004_b - TWO-TIER GOLD SYSTEM
November 21: 1973ECBRU06770_b - EC COMMISSION VIEWS ON GOLD IN INTRA-EC SETTLEMENTS
November 21: STAGE TWO OF EMU - 1973PARIS30027_b
November 23: Arab summit conference adopts open and secret resolutions on the use of the oil weapon. Embargo extended to Portugal, Rhodesia, and South Africa.
November 23: MORNING SUMMARY OF SIGNIFICANT REPORTS - 1973STATE230517_b
November 23: OIL SITUATION IN SWEDEN - 1973STOCKH04169_b
November 26: PETROLEUM MINISTER YAMANI'S ALLEGED STATEMENTS ON ARAB NEXT STEPS - 1973JIDDA05224_b
November 26: 57. Memorandum From Secretary of the Treasury Shultz to President Nixon
November 27: President Nixon signs the Emergency Petroleum Allocation Act (EPAA). Authorizes petroleum price, production, allocation and marketing controls.
December 3: 201. Memorandum From the President's Assistant for National Security Affairs (Kissinger) to President Nixon
December 4: 1973PRETOR04405_b - PRESS REACTIONS TO ARAB OIL BOYCOTT
December 5: PRIME MINISTER'S STATEMENT ON OIL SITUATION - 1973PRETOR04436_b
December 5: ARAB MINISTERS WARN SWEDEN ON OIL - 1973STOCKH04318_b
December 9: Arab oil ministers announce a further production cut of 5 percent for January for non-friendly countries.
December 11: MEETING WITH EC COMMISSION VICE PRESIDENT SIMONET ON THE OIL SITUATION - 1973ECBRU07183_b
December 11: CONTINUED EC COMMISSION CONCERN OVER THE OIL SITUATION - 1973ECBRU07184_b
December 20: SECRETARY'S PROPOSAL FOR AN ENERGY ACTION GROUP; SIMONET'S VIEWS - 1973ECBRU07417_b
December 21: MORNING SUMMARY OF SIGNIFICANT REPORTS - 1973STATE248798_b
December 21: SIMONET PRESS CONFERENCE ON OIL SITUATION - 1973ECBRU07444_b
December 21: PRICING POLICIES AT OPEC MEETING - 1973TEHRAN09001_b
December 22: OPEC Gulf Six decides to raise the posted price of marker crude from $5.12 to $11.65 per barrel effective January 1, 1974.
December 25: Arab oil ministers cancel January 5 percent production cut. Saudi Arabian oil minister promises 10 percent OPEC production rise.
December 27: POSSIBLE EC COOPERATION AGREEMENTS WITH OIL PRODUCERS GOVERNMENTS; SIMONET CONTEMPLATING TRAVEL TO MEDITERRANEAN - 1973STATE250884_b
If you liked, you want more, you can DONATE
I am giving this research to free public domain
because I believe it is important to learn about monetary history