Abstract

The nationalization of oil in Iraq on June 1, 1972 was the beginning of the end of the control of oil monopolies by foreign companies. The nationalization decision is also one of the most important political and economic measures in terms of the temporal context, its adoption, the nature of the factors and considerations that imposed it, and the results that resulted from it. It came about twenty years after the overthrow of the Mossadegh government in Iran in 1952, which created a unique situation in favor of the oil monopoly companies that portrayed the emerging situation as representing a clear punishment for anyone who tried to adopt a policy that would confront them in the region. Therefore, nationalization in Iraq came within national, regional, and international circumstances that required restoring confidence to the peoples and confirming their ability to firmly confront foreign companies and their advanced pillars represented by their oil monopolies. In light of this, it remained in need of research and analysis. Most developing countries were either colonies or economic and political appendages of another industrially advanced Western country, and all measures taken in the name of those countries were primarily aimed at protecting their colonial interests. Before the First World War, the global community was more integrated and close, as the global economy was an interconnected system. Competition and political conflict occurred between colonial countries over oil in some regions of the world, especially the Middle Eastern countries. This competition between the interests of colonial countries had a major impact in hindering the process of oil development in those countries, including Iraq. Only Germany obtained a concession to search for oil in Iraq in 1903. The conflict over Iraq's wealth remained between the colonial countries until the beginning of the First World War. Then it continued after the war after France replaced Germany, and after a long conflict, the shares settled since 1928 as follows:British Petroleum Company (23.75%).Royal Dutch/Shell Royal Dutch (23.75%).French Oil Company (23.75%). American Oil Company (5%).Gulbenkian share (5%).In the period between the First and Second World Wars, the political and economic conditions in several regions of the world were affected, especially global production, as the size of industries with war efforts increased compared to peaceful industries, in addition to the global economic crisis in 1929 and its difficult effects such as falling prices and unemployment, in addition to the shrinking size of global production due to abnormal inflation resulting from these reasons, which directly and indirectly affected the development of global oil production and its continuous growth due to the wars during the period between 1914-1945 as a basic strategic material for the war effort.

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