Oil In The Middle East Flashcards
1
Q
When and where was oil found in the Middle East
A
Iran in 1908
2
Q
When was OPEC formed
A
1960
3
Q
British influence with oil
A
- By 1914 they had the controlling share of Anglo-Persian oil company
- in 1930s Br controlled Iraqi oil and had a 47.5% share
4
Q
American oil company and Saudi Arabia
A
In the early 1950s Arab American oil company (ARAMCO) was making 3 times more than Saudi Arabia so they got a 50/50 split
5
Q
1959 seven sisters
A
When they reduced the price of oil without consulting the Arab oil states and this knocked $132 million from the Arab states
6
Q
Mossadeq and oil
A
He wanted the oil to belong to Iranians and in 1951 they nationalised oil
