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The Achnacarry Agreement or "As-Is Agreement" was an early attempt to restrict petroleum production, signed in Scotland on 17 September 1928. [1] The discovery of the East Texas Oil Field in the 1930s led to a boom in production that caused prices to fall, leading the Railroad Commission of Texas to control production.
French interests in the Middle East in blue, British in red. The overlap in Palestine, marked in purple, was created to allow for a British railroad concession between the oil-rich Persian Gulf and the Levant, and for the French to gain the former German railroad concessions between Allepo and oil-rich northern Mesopotamia. [2]
An escalation of conflicts in the Middle East in recent weeks has triggered a sharp increase in oil prices, raising uncertainty about where costs will head in the final weeks before Election Day.
The production contracts, which foreign oil companies enter into with the Iraqi federal or regional governments, often include revenue-sharing terms as well. [2] [16] Additionally, in the last few years oil production in Iraq has increased rapidly and seems to be headed in even more of a direction where it will be even more heavily relied on. [17]
It was on this day that George Reynolds tapped an oil reserve in modern-day Iran, the very first oil discovery in the Middle East. That. The energy industry and, in essence, the entire ...
Tensions in the Middle East are keeping oil prices volatile. Daily price moves of more than 2% in either direction have become a common occurrence since Hamas' surprise attack on Israel last month.
The discovery of oil by the Anglo-Persian Oil Company at Masjid-i-Sulaiman in the mountains of north-western Persia in 1908; but the consensus of geological opinion at the time was that there was no oil on the Arabian peninsula, although there were rumours of an oil seepage at Qatif on the eastern seaboard of Al-Ahsa, the eastern province of ...
When Russia invaded Ukraine in 2022, the price of oil jumped to over $100 a barrel. But despite the threat of an escalation of tensions in the Middle East and attacks on Red Sea shipping, oil ...