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Oil Shock Reshapes World Power as Iraq Seizes IPC
The Iraqi and Syrian governments seize the Iraq Petroleum Company, threatening a potential oil crisis that could shift control from Western majors to oil producing nations. The move follows years of nationalization pressure and signals rising power for OPEC aligned states, with compensation talks overshadowing broader market impact.
MENTIONED IN THIS ARTICLE
Ira Petroleum Company
IPC
Mohammed Mossadegh
Middle East
British Petroleum
Royal Dutch Shell Group
Compagnie Francaise Des Petroles
Standard Oil Company
New Jersey
Mobil Oil Corporation
Gul Benkian
Iraq
North Rumaila
Mosul
Basrah
Kirkuk
Europe
Japan
Israel
Syria
Muammar el- Quaddafi
Libya
Quaddafi
Organization of Petroleum Exporting Coun