The rise of oil’s big three, part 3: The oil age develops
The 20th century’s two global conflicts made clear the geopolitical importance of oil, while Russia and Saudi Arabia joined the US as hydrocarbons superpowers
Oil’s importance as a strategic commodity was clear to all governments and was only exacerbated by the First World War. After the conflict, government involvement and the post-imperial nature of the international relations resulted in oil markets being largely controlled by the national champions of the US, the UK and France—colloquially known as the oil majors. The UK government purchased 51% of Anglo-Iranian Oil Company just before the war started to secure a large oilfield in what was then Persia (now Iran). In 1954, the company was renamed the British Petroleum Company and then BP. Meanwhile, France’s TotalEnergies started out in 1924 as Compagnie Francaise des Petroles. The country qui
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