Iraqi Oil Nationalization

Iraqi Oil Nationalization refers to Iraq's effort to take control of its oil industry from foreign companies, primarily during the 1950s and 1970s. Before this, foreign firms, especially British and American ones, managed Iraq's oil resources and profits. Iraqi leaders believed this arrangement was unfair and wanted to ensure the country benefits fully from its natural resources. Nationalization meant that the Iraqi government would own and operate its oil industries, enabling them to direct profits toward national development. This move was a significant step in asserting economic independence and reducing foreign influence over Iraq's vital resource.