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After seizing control of the Iraqi government, Qasim demanded better terms from IPC but decided against nationalization of Iraq's petroleum assets. [2] In 1961 Iraq passed Public Law 80 whereby Iraq expropriated 95% of IPC's concessions and the Iraq National Oil Company was created and empowered to develop the assets seized from IPC under Law ...
Iraqi oil production has surged after years of disorder. [1] Historical development of oil production. Iraq was the world's 5th largest oil producer in 2009, and has the world's fifth largest proven petroleum reserves.
Fitzgerald, Edward Peter. "The Iraq Petroleum Company, Standard Oil of California, and the Contest for Eastern Arabia, 1930–1933." International History Review 13.3 (1991): 441–465. Saul, Samir. "Masterly inactivity as brinkmanship: the Iraq petroleum company's route to nationalization, 1958–1972."
In 1927, huge oil fields were discovered near Kirkuk and brought economic improvement. Exploration rights were granted to the Iraqi Petroleum Company, which despite the name, was a British oil company. King Faisal I was succeeded by his son Ghazi in December 1933. King Ghazi's reign lasted five and a half years.
January 20: Six exporting countries – Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia – conclude ten days of meetings with Western oil companies. An agreement is reached to raise the posted price of crude by 8.49 percent to offset the loss in value of oil concessions attributable to the decline in value of the U.S. dollar.
The economy of Iraq is dominated by the oil sector, which provided 89% of foreign exchange earnings in 2024. [15] During its modern history, the oil sector has provided about 99.7% of foreign exchange earnings. [16] Iraq's agrarian economy underwent rapid development following the 14 July Revolution in 1958 which overthrew the Hashemite Iraqi ...
The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government. [1] It was empowered to operate all aspects of the oil industry in Iraq except for refining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.
This is a list of years in Iraq, referring to the Iraqi Republic (1958-1963), Baathist Iraq (1963-2003) and Arab Republic of Iraq (2003–present). 21st century [ edit ]