Oil nationalization in Iraq

Oil nationalization in Iraq refers to the government's move to take control of its oil industry from foreign companies and private owners. This shift aimed to ensure Iraq benefited fully from its natural resources, reduce foreign influence, and promote economic independence. The process intensified in the 1970s under Saddam Hussein, leading to the establishment of state-owned oil companies and the development of Iraq's oil reserves as a national asset. By doing so, Iraq sought to have greater sovereignty over its resources, control revenues, and use oil profits to fund national development.