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Event

1985–86 oil price collapse

The fall in world oil prices after Saudi Arabia raised output from late 1985, which cut the Soviet Union's hard-currency earnings.

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Dates
Sep 1985 – 1986
Also known as
1986 oil price collapse, 1980s oil glut, Oil counter-shock

In September 1985 Saudi Arabia stopped defending oil prices and raised production, and prices fell steeply over the following months. According to Yegor Gaidar, the Soviet Union lost about $20 billion a year, “money without which the country simply could not survive”.

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Timeline 1 date
  1. Sep 1985 – 1986 1985–86 oil price collapse
Proof 1 source
  1. The Soviet Collapse: Grain and Oil, American Enterprise Institute, Apr 2007. Scholarship & press
    The timeline of the collapse of the Soviet Union can be traced to September 13, 1985. On this date, Sheikh Ahmed Zaki Yamani, the minister of oil of Saudi Arabia, declared that the monarchy had decided to alter its oil policy radically.
    As a result, the Soviet Union lost approximately $20 billion per year, money without which the country simply could not survive.
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