Oil Nationalization Movement

The Oil Nationalization Movement refers to efforts in various countries, particularly in the mid-20th century, to take control of their oil resources from foreign companies. Countries like Iran and Venezuela sought to assert their sovereignty by nationalizing oil industries, which meant that the government took ownership and management of oil production, often to ensure that profits benefited the nation rather than foreign entities. This movement aimed to reduce foreign influence, boost national economies, and promote self-determination through resource control, but it often led to conflicts with foreign interests and geopolitical tensions.