The Great Oil Concession

The Great Oil Concession refers to a major agreement in the early 20th century where Western oil companies gained extensive rights to explore and extract oil in Middle Eastern countries, particularly in Iran, Iraq, and Saudi Arabia. This arrangement was significant as it allowed these companies to monopolize oil resources, shaping the global oil market and impacting political relationships in the region. It laid the groundwork for the modern oil industry and influenced geopolitical dynamics, as countries sought control over their natural resources and Western companies aimed to secure profitable ventures.