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Paul Hickin,
Editor-in-chief
Adi Imsirovic
5 September 2024
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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

Also in this section
Andean upstream feels the heat
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
Fifty years of oil trading
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
OPEC+ keeps more barrels off market in April
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
Australia’s post-election energy priorities
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference

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