1901
British speculator William D’Arcy received a concession from Iran to explore and develop southern Iran’s oil resources.
1909
London-based Anglo-Persian Oil Company (APOC) is formed.
1914
The British government gained direct control of the Iranian oil industry, for 37 years.
1933
A 60-year agreement was signed which established a flat payment to Iran of four British pounds for every ton of crude oil exported and denied Iran any right to control oil exports. Gus-Golshaian agreement…but was not truly implemented.
1935
APOC was changed to the Anglo-Iranian Oil Company (AIOC).
1951
Prime Minister Mohammad Mossadeq went to NY and presented Iran’s case in the UN security council for Iran ‘s right to National its oil, and won! Subsequently the National Iranian Oil Company (NIOC) was created.
1953
A coup d’état led by British and U.S. intelligence agencies ousted the Mossadeq government and paved the way for a new oil agreement.
1954
International Oil Consortium Agreement of 1954 provided British Petroleum along with American and French oil companies with 40% ownership of Iranian Oil for a 25-years, expiring in 1979. The agreement which was heavily pressured by President Eisenhower, gave American oil companies complete control over how much petroleum Iran pumped and the price it could sell for.
1960
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, by five countries namely Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
1973
The Pahlavi Shah faced increasing tensions with Western nations after announcing he would not renew the consortium agreement upon its expiration and planned to nationalize Iranian oil in 1979.
1979
Following the 1979 Revolution, the NIOC took control of Iran’s petroleum industry and canceled Iran’s international oil agreements.