Mastering Oil

Gholam R. Afkhami

in The Life and Times of the Shah

Published by University of California Press

Published in print December 2009 | ISBN: 9780520253285
Published online March 2012 | e-ISBN: 9780520942165 | DOI:
Mastering Oil

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The Consortium settlement in 1954 was a defeat for Iran. The Consortium received all the operational fields and territory previously conceded to AIOC. For the shah, moving beyond the Consortium was politically exciting and technically educational. He reasoned that oil was the fuel that drove the West, the commodity the West considered absolutely vital to its interests and would go to any length necessary to protect. In later years, Iran would become the first Third World country to engage in refining and distributing oil abroad. In the 1950s, however, the shah opted for the simplest solution: he would deal where governments controlled the oil—in Eastern Europe, India, Argentina, Finland, and the like. With these countries the exchange could take a number of forms, including barter, which became a way of trading with Eastern Europe.

Keywords: oil issues; barter; Iran; AIOC; Eastern Europe; shah; Consortium

Chapter.  10491 words. 

Subjects: Asian History

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