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Exploitation of Oil A History of Entrepreneurs Who Made it Happen

Exploitation of Oil A History of Entrepreneurs Who Made it Happen. - What does it all mean to us all?. Christopher G. St.C. Kendall. Texts on History of Petroleum Exploitation. 3 books set Middle East petroleum scene: "The Prize : The Epic Quest for Oil, Money & Power" by Daniel Yergin

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Exploitation of Oil A History of Entrepreneurs Who Made it Happen

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  1. Exploitation of Oil A History of EntrepreneursWho Made it Happen -What does it all mean to us all? Christopher G. St.C. Kendall Kendall 2007 UT - AAPG

  2. Texts on History of Petroleum Exploitation 3 books set Middle East petroleum scene: "The Prize : The Epic Quest for Oil, Money & Power" by Daniel Yergin Records history of petroleum Industry in USA, Baku,& Middle East. "Sowing the Wind: The Seeds of Conflict in the Middle" by John Keay. Chronicles activities of British & their allies... "A Peace to End All Peace: The Fall of the Ottoman Empire and Creation of the Modern Middle East" by David Fromkin. Records why British decided to move on Ottoman Empire and results..... These are well written, easy to read informative histories! Kendall 2007 UT - AAPG

  3. Current Middle East Reserves Crude Oil(BB) - Natural Gas (TCF) • Saudi Arabia 263.5 bbls 204.5 Tcf – 8 Years • Iraq 112 bbls 109 Tcf • UAE 97.8bbls 212 Tcf • Kuwait 96.5 bbls 52.7Tcf • Iran 89.7 bbls 812.3Tcf • Oman 5.3 bbls 28.4 Tcf • Yemen 4.0 bbls 16.9 Tcf • Qatar 3.7 bbls 300.0 Tcf • Syria 2.5 bbls 8.5 Tcf • Bahrain 0.1 bbls 3.9 Tcf • TOTAL 675.1 bbls 1,748.2 Tcf Kendall 2007 UT - AAPG Most of these countries fields are in carbonates

  4. World Petroleum Exploitation • Non-OPEC countries produced 60% of world's oil in 2005 with a steady increase since 1993 • Currently only 4 (Saudi Arabia, Iran, UAE, & Venezuela) of top 10 oil producers were OPEC • Most prolific producers are Saudi Arabia 11, Russia 9, USA 8, Iran 4, Mexico 4, China 4, Canada 3, Norway 3, UAE 3, Venezuela 3, Kuwait 3, Nigeria 3, Algeria 2, Brazil 2 • Non-OPEC countries have most of world's capacity for refining crude oil into gasoline & heating oil Kendall 2007 UT - AAPG

  5. Iraq's Role? Thomas Homer-Dixon’s ConflictModel Environmental Scarcity ---> Social Effects ---> Violent Conflict • U.S. War Against Terrorism in a deadly phase spreading across Middle East • Middle East a geopolitical cauldron - Caspian States on eastern flank & Mediterranean on western flank; bridge between Europe, Africa & Asia • Important current battlefields within region include Iraq & Iran, West Bank, Somalia, Sudan & Afghanistan Kendall 2007 UT - AAPG

  6. World Petroleum Exploitation • As of January 2004, OPEC countries hold 77% of world's proven oil reserves • Most major non-OPEC oil producers are very large consumers, & low exporters • World 84 - USA consumes 20.73, imports 13.15 & exports 1.048 million bbl/day • Persian Gulf OPEC has the world's lowest oil finding & lifting costs • Non OPEC oil liable to price collapse e.g. Russia etc • Consumption grows 3% annually Kendall 2007 UT - AAPG

  7. Commodity Scarcity • Exploration potential • Gulf coast & West Texas for small US companies • Oil shales of Western USA & Athabaska tar sands • Employment in exploration & builders of exploitation models of current oil fields in Secondary & Tertiary recovery mode! • At least 1% of you in this room should be millionaires before you retire! Kendall 2007 UT - AAPG

  8. 1850 - 1910: Kerosene the fuel of choice 1869: Suez Canal opens 1878: Electric Light 1908: Auto Boom starts 1912: UK Navy uses Oil 1914 – 1918: WWI 1920:9 million vehicles U.S 1938 – 1945: WWII 1948: Israel born 1948: 1st Arab Israeli War 1948: US Net Oil Importer 1952: Iran Oil Nationalized 1956: Suez Nationalized 1956: 2nd Arab - Israeli War 1960: OPEC founded 1967: 3rd Arab - Israeli War 1969: Qaddafi coup 1978: Khomeini coup 1980: Iraq – Iran War 1990-91: 1st US - Iraq War 2003 - : 2nd US - Iraq War Oil Time Line – Important Events Kendall 2007 UT - AAPG

  9. History of Petroleum Exploitation • How: Seeps (Oil Springs), & Wells - Hand Dug & Drilled (Percussion & Rotary) • Where: Asia, Middle East, Europe & America • Use: Heat, Paving, Light, Kerosene, Transport (Ships and Automobiles) • Entrepreneurs: John Rockefeller, Nobels, Rothschilds, Marcus Samuel, William D’Arcy, Henri Deterding, Calouste Sarkis Gulbenkian • Movers: Stalin, Ford, Fisher, Churchill, Ibn Saud, Mossadegh, Shah Reza Pahlavi, Nasser, Khomeini, Mohammar Qaddafi, Saddam Hussein Kendall 2007 UT - AAPG

  10. The Players Standard Oil • John Rockefeller • Rothschild • Nobles Robert, Ludwig, & Alfred • Marcus Samuel • William D’Arcy • Henri Deterding • Calouste Gulbenkian Nobel Brothers Oil Baku Oil Persian Oil Shell Transportation Royal Dutch Shell 5% Arabian Oil Kendall 2007 UT - AAPG

  11. Movers & Shakers Winston Churchill • Henry Ford • Jackie Fisher • Winston Churchill • Ibn Saud • Dr. Mohammad Mossadegh • Shah Reza Pahlavi • Gamal Abdel Nasser • Ayatollah Ruhollah Khomeini • Mohammar Qaddafi • Saddam Hussein Henry Ford Admiral Fisher Ibn Saud Mossadegh Shah Qaddafi Gamal Abdel Nasser Saddam Hussein Kendall 2007 UT - AAPG Khomeini

  12. Early History of Oil Monopolies • Appalachians: Key Elements • Rail Boom of US (1830-1860) • Refining of Oil for Kerosene (1850) • Oil Boom after Drake’s well (1859) • Standard Oil Incorporated (1870) • Light bulb of Thomas Edison (1878) • Baku: Key Elements • Rail Boom of Russia (1830-1917) • Refining of Oil for Kerosene (1830) • Oil Boom with Nobel Brothers Incorporation (1875) • Tanker "Zoroaster" (1877) & Pipeline (1897-1907) • World Wide: Key Elements – Spindletop (1901) • Suez Canal Built (1869) • Henry Ford Mass Produces Cars (1908) 9m – (1922) Royal Navy Converts to Oil (1912) Kendall 2007 UT - AAPG

  13. 1862 - Clark & Rockefeller Invest in Refinery Early History - Appalachians 1855 assist bookkeeper Hewitt & Tuttle, quickly cashier & bookkeeper Dr. Abraham Gesner – 1849 Distills Kerosene from Oil - Whale Oil Ends Drake’s well (1859) 1830-1860 US Rail Lines boom Kendall 2007 UT - AAPG 1860 – 1875 Oil Boom

  14. Standard Oil Monopoly Grows John Rockefeller - Timeline • 1867: Rockefeller & Andrews absorbed William Rockefeller's refinery, & Henry M. Flagler joins partnership • 1870: Standard Oil Company forms - John D. Rockefeller president, William Rockefeller, Flagler, Andrews & Stephen Harkness • 1870: Uses South Improvement Company secret rebates for better rates with Pennsylvania Railroad (PRR), Eire, & New York Central • Standard Oil organization buys-up opposing interests, or guarantees financial security & jobs as partners gaining a monopoly on oil production in US • 1882: Separate companies organized in each state • 1890: Standard Oil controlled over 90% of refined oil in USA • 1895: Rockefeller retires from active business but keeps his title as president till 1911 Kendall 2007 UT - AAPG

  15. Standard Oil Monopoly Ends John Rockefeller - Timeline • 1900: Mergers made Standard Oil the largest company in U.S. with fields located in U.S. Began exporting products to Europe & Far East competing with "Shell" Transport & Trading Company & Royal Dutch Petroleum Co. • 1901: Jan 10 Spindletop's discovery & uncontrolled exploitation busted Standard Oil) monopoly in U.S. so now it competed with Shell Transport & Trading, (begun life ferrying oil produced by Rothschilds and Nobles in Baku to Far East and Western Europe) and Royal Dutch • 1903: Royal Dutch & Shell Oil established the jointly owned Asiatic Petroleum Company Limited to combat Standard Oil. • 1911: May 15 Supreme Court US sees Standard Oil, now holding 64% of oil market, as a monopoly & orders form some 37 new companies Kendall 2007 UT - AAPG

  16. Early History of Oil Monopolies • Appalachians: Key Elements • Rail Boom of US (1830-1860) • Refining of Oil for Kerosene (1850) • Oil Boom after Drake’s well (1859) • Standard Oil Incorporated (1870) • Light bulb of Thomas Edison (1878) • Baku: Key Elements • Rail Boom of Russia (1830-1917) • Refining of Oil for Kerosene (1830) • Oil Boom with Nobel Brothers Incorporation (1875) • Tanker "Zoroaster" (1877) & Pipeline (1897-1907) • World Wide: Key Elements – Spindletop (1901) • Suez Canal Built (1869) • Henry Ford Mass Produces Cars (1908) 9m – (1922) • Royal Navy Converts to Oil (1912) Kendall 2007 UT - AAPG

  17. Caspian Sea Arab Scholars & Marco Polo report civilized man using oil seeps on Abseron Peninsula as source of light & fuel Volga Delta Abseron Peninsula With industrialization 1830-1901 became world’s largest source of kerosene & oil Baku Zagros Mountains Kendall 2007 UT - AAPG

  18. Early History - Baku Rothchild 1880’s Invests in Oil Exploration, Refineries, Rail & Ships 1830-1917 Rail Boom of Russia Tsars Alex II & III Invest in Oil & Rail Nobel Brothers Oil 1878 - Bibi-Heybat? 1897 - 1907: Nobel’s Kerosene Pipeline 1875 – Nobels Invest in Oil, Exploration & Refineries, 1883: Rothchild’s Railway Kendall 2007 UT - AAPG 1877 – Nobels Invest Tankers 1875 – Invest in Kerosene Flimsies

  19. Baku Oil Monopoly Grows Nobels & Rothchilds - Timeline • 1873: Russia used Nobel’s guns which needed a supply of walnut wood for gunstocks from Caucasus region. Oil fever just began in Baku & Robert saw profit & brought a small refinery & kerosene plant with "walnut money" • 1879: With his younger smarter brother Ludwig founded Nobel Brothers' Oil Producing & Extracting Company. • Ludwig, organized & engineered modern technology related to oil production. Built 1st tanker, Zoroaster, in Caspian Sea reducing transport expenses. Success led to tanker fleet (including Moses, Spinoza, & Darwin) further increasing turnover with Nobel’s supplying Russia with Baku oil via rivers & Caspian Sea. Ludwig 1st to introduce railway tanks for oil transport. • 1879: Built a pipeline reducing transport expenses by five, paying for itself in a year. Built iron oil reservoirs with tank parks in Baku & other cities. • 1880's Rothschild's interests in Baku supply their refinery on Adriatic with Russian oil. In exchange built a railroad from Baku to Black Sea port of Batum. Baku oil now major world supplier & new railroad meant Rothschilds had more oil than they could sell & now competing with Standard oil, sought markets east of Suez. • 1890: Baku now busiest port in world. Kendall 2007 UT - AAPG

  20. Baku Oil Monopoly Lives Nobels, Rothchilds, Shell & Standard Oil • 1878: Marcus Samuel expanded from antiques, curios, bric-a-brac, & exotic sea shells to selling cased Russian kerosene in Far East, top-selling fuel in world & used for lamps and stoves • Standard Oil under priced competitors to defend its Asian markets & controlled almost all world’s supplies. • 12 years later Samuel visited Baku with Rothschilds & thought to export oil to Far East via Suez Canal (opened in 1869), countering Standard Oil competition in region. Built eight tankers that met safety regs. of canal to Singapore & Bangkok after noticed harbor in Constantinople jammed with tankers loading Russian oil. Rejected Standard's acquisition overtures, Samuel created "Shell" Transport & Trading in 1897. • 1898: Rothschild brothers formed Mazut Transportation Society & by 1912 owned 13 large tankers in Caspian with auxiliary ships; partnered with Shell to transport excess kerosene to Far East. • 1900: Nobel Brothers & Rothchild's have oil production exceeding US • 1901: Jan 10 Spindletop's discovery meant that Shell Transport & Trading, that had been ferrying oil produced by the Rothschilds and Nobles in Baku to the Far East & Western Europe could compete directly Standard Oil at a favorable rate • 1903: Royal Dutch & Shell established jointly owned Asiatic Petroleum Company Limited Kendall 2007 UT - AAPG

  21. Joseph Stalin • 1879: December 9 - Joseph Vissarionovich Djugashvili (Stalin) was born in Gori, Georgia. • 1888-94: Elementary clerical school in Gori. • 1894: Begins studies at Tiflis Theological Seminary. • 1895: Contacts groups of Russian Marxists exiled to Transcaucasia by tsarist government. • 1896-1898: At Theological Seminary in Tiflis gathers Marxist students & studies Marx, Engels, & Lenin. • 1898: January formed workers' Marxist circle in Central Railway Workshops of Tiflis. • 1899: May 29 Stalin expelled from Tiflis Theological Seminary for propagating Marxism. • 1898-1904: Organized, directed revolutionary activities, writes leaflets, lead strikes & sent to Siberia; received letter from Lenin & escaped back to Baku to lead general strike of Baku workers. 1893 1903 Kendall 2007 UT - AAPG

  22. Baku Oil Monopoly Dies • 1903 & 1904: Oil worker strikes common against Tsar • 1904: Baku kerosene supplied 47% of needs of UK & 71 % of France • 1905: Revolution halts production at Baku by oil worker strikes; Josef Dzhugashvili (Josef Stalin) exiled to Siberia • 1911: Musavat party urges a Muslim state with Azerbaijan under Turkey • 1914-18: Baku oilfields & oil refineries control by Shell & Nobel Brothers, supply Russian Army. UK interest in Transcaucasia & oil-rich area • 1917: Armed intervention, aimed at Bolsheviks in Transcaucasia & East to gain control of Baku's oil, discussed in London. Henri Deterding, Shell president, buys shares of largest oil producers who fled Baku after Oct revolution. Sets up military-political mission in Iran with General Dunsterville • 1918: March pogroms against Azerbaijanis by Armenians & Bolsheviks in Baku. Declaration of Baku Commune establishes links with Moscow & recognizes role of Russian Federation . • 1920: April 28, Bolsheviks seize power in Baku & Nobels sell most of Russian holdings to Standard Oil (NJ). Standard Oil protests nationalization refuses cooperation with Soviet government. Mobil, invests in Russia. Continued inflow of Western funds help Russian oil production to recover, & by 1923 oil exports climb back to pre-revolutionary levels. • 1920: Roughly 9 million gas-burning vehicles now in the U.S Kendall 2007 UT - AAPG

  23. Early History of Oil Monopolies • Appalachians: Key Elements • Rail Boom of US (1830-1860) • Refining of Oil for Kerosene (1850) • Oil Boom after Drake’s well (1859) • Standard Oil Incorporated (1870) • Light bulb of Thomas Edison (1878) • Baku: Key Elements • Rail Boom of Russia (1830-1917) • Refining of Oil for Kerosene (1830) • Oil Boom with Nobel Brothers Incorporation (1875) • Tanker "Zoroaster" (1877) & Pipeline (1897-1907) • World Wide: Key Elements – Spindletop (1901) • Suez Canal Built (1869) • Henry Ford Mass Produces Cars (1908) 9m – (1922) • Royal Navy Converts to Oil (1912) Kendall 2007 UT - AAPG

  24. Central Asian & Middle East Oil Batum Baku Kirkuk Suez MIS Kendall 2007 UT - AAPG

  25. British Navy & Petroleum • John Arbuthnot “Jackie” Fisher: 1st Baron Fisher (Jan 25, 1841 – July 10, 1920), joined Navy in 1854 & as 3rd Sea Lord built 1st destroyers, 1902 2nd Sea Lord, in 1905 1st Sea Lord when Germany & Britain in naval arms race. Preferred battlecruiser with speed not amour, introduced submarines & converted from coal to oil fueling • Winston Churchill: After career as journalist, in army and then parliament, in 1912 became 1st Lord of Admiralty & ordered conversion from coal to oil • 1901: Spindletop's discovery lead to Shell Transport & Trading needing sales Churchill Fisher Kendall 2007 UT - AAPG

  26. Oil & Fords Automobile • 1896:Ford had constructed his first horseless carriage which he sold in order to finance work on an improved model. • 1908:Ford T in production, price as low as $280. Nearly 15,500,000 sold in the United States. The Model T heralds beginning of Motor Age and the car has evolved from luxury item for the well-to-do to essential transportation for the ordinary man • 1920: Roughly 9 million gas-burning vehicles now in the U.S Kendall 2007 UT - AAPG

  27. Zagros Mountains Abundant Oil Seeps Abundant Anticlines Kendall 2007 UT - AAPG

  28. Iranian Negotiations Begin Jacques de Morgan: An archeologist noted oil seeps in western & SW Persia. 1901:A friend of Persian grand vizier, Antoine Kitabgi, Persian commissioner-general of Paris Exposition 1900, thinks local oil industry will develop. Helped Baron Julius de Reuter with Iranian government concessions that failed. 1901: Asked Sir Henry Drumond Wolff, once UK minister in Tehran, locate UK investor for oil concession. 1901: UK William Knox D'Arcy (with Australian gold mining fortune) acquires 60 year oil concession for all Persian Empire except Russian border. Kendall 2007 UT - AAPG

  29. Masjid-i-Suleiman D’Arcy • 1905: Burma Oil Comp supplies D'Arcy with more finance • 1908: Oil at Masjid-i-Suleiman • 1907: Royal Dutch Shell incorporated (60%RD - 40%Sh) • 1909: Anglo-Persian Oil Company” forms to develop field • 1911: 138 mile pipe Masjid-I-Suleiman - Abadan refinery • 1912: Anglo-Persian 10-year contract with Royal Dutch-Shell as outlet for crude & oil products • 1914: Anglo-Persian contract to supply Navy’s ships & UK government invest £2 million becomes major shareholder • 1915: Anglo-Persian forms British Tanker Company & at end of WW I owns a shipping fleet • 1917: Anglo-Persian buys British Petroleum Company, acquiring a marketing organization for products & founds a research centre at Sunbury-on-Thames in UK Kendall 2007 UT - AAPG

  30. Calouste Sarkis 5% Gulbenkian • 1869. March 29th: Wealthy Armenian family in Istanbul, Banker father imported Russian kerosene to Ottoman empire. Educated in Turkey, & France • 1897: Engineering degree, London Kings's College • 1898: Financial & oil advisor to Turkish embassies Paris & London • 1902: Becomes British Citizen • 1907: Helped form Royal Dutch Shell (60%RD - 40%Sh) • 1908: Organized UK & Dutch Oil Co’s as Turkish Petroleum Co. Called Mr. 5% from holdings • 1910: Consultant to Turkish National Bank pushing Oil exploration in Iraq & opening up Middle East Kendall 2007 UT - AAPG

  31. Calouste Sarkis5% Gulbenkian • 1928: Post WWI architect of Red Line Agreement with British (Persian Oil), Anglo-Dutch (Shell), French (CFP) & US (Exxon & Mobil) joint venture in former Ottoman empire producing areas except Kuwait & Iran for 5% of all oil found. • Oil in Iraq & Saudi Arabia made him one of world's richest men. • Avoided taxes by shuttling between Ritz Hotel in London & Ritz in Paris. • Diplomatic status as accredited to Iraqi embassy of London exempting from taxation • Formed Gulbenkian Foundation in Portugal and supported the Arts Kendall 2007 UT - AAPG

  32. Red Line Map of Gulbenkian Kendall 2007 UT - AAPG

  33. The Gulbenkian TPC Agreement Kendall 2007 UT - AAPG

  34. Oil & British Fleet - Iraq • 1908: discovery of giant Masjid-I-Suleiman by Anglo-Persian Oil Co reinforces potential of Mosul Vilayet • 1909: Sultan deposed within 24 hours of Anglo-Persiansigning concession for Mosul Vilayet • 1912-1913: UK Government proposes Royal Navy be oil powered & so needs own source • 1914: Government has Anglo-Persian join TPC with 50% interest while buying controlling interest of Anglo-Persian Kendall 2007 UT - AAPG

  35. Iraq Exploration - Events • 28 June 1914: Grand Vizier sends letter to UK & German Governments proposing to issue concession to TPC • 1920: Treaty Of Sevres • German interests in TPC assigned to France • Government of Iraq promised 20% of TPC • US Government objects to exclusion of American Companies • 1923: Treaty of Lausanne – Iraq becomes British Mandate but status of Mosul Vilayet unresolved • 1923: TPC Starts Negotiations with Government • March 1925: Signing of Concession with TPC, later Iraq Petroleum Company but with no Iraqi direct interest Kendall 2007 UT - AAPG

  36. Iraq Petroleum Company (IPC) Shareholders Shell (Anglo-Dutch) 23.75% BP (British) 23.75% (Anglo-Per & Anglo-Iranian) CFP (French) 23.75% (now Total Fina Elf) Exxon (US) 11.875% (now Exxon-Mobil) Mobil (US) 11.875% (now Exxon-Mobil) Gulbenkian (Independent) 5% Companies also agreed not to compete with each other through most of previous Turkish Empire, including Saudi Arabia : Exxon & Mobil reneging on agreement when they formed Aramco in Saudi Arabia in 1930’s. Kendall 2007 UT - AAPG

  37. The Way it was!ResultsofTreatyofSevres Kendall 2007 UT - AAPG

  38. Iraq – First Major Discovery 14th October 1927 Baba Gurgur 1 (Kirkuk #1) The 6th Exploration Well Spudded after Concession was granted in 1925 Well blew wild at 90,000 bbls/Day Reserves of some 17 Billion barrels in Tertiary & Cretaceous 13th October 1927, Qaiyarah-1, 4000 Bopd, 120 API Kendall 2007 UT - AAPG

  39. Max Steineke History of Petroleum Exploration • 1933:Chevron acquired a lease to explore in Saudi Arabia • 1938:Steineke found oil at the Dammam dome • 1938:Oil was first discovered in Kuwait • 1939:Chevron had production & exported the first oil • 1939:Oil is discovered in Qatar The start of the golden age of US involvement with explorationforforeign cheap oil Kendall 2007 UT - AAPG

  40. 1850 - 1910: Kerosene the fuel of choice 1869: Suez Canal opens 1878: Electric Light 1908: Auto Boom starts 1912: UK Navy uses Oil 1914 – 1918: WWI 1920:9 million vehicles U.S 1938 – 1945: WWII 1948: Israel born 1948: 1st Arab Israeli War 1948: US Net Oil Importer 1952: Iran Oil Nationalized 1956: Suez Nationalized 1956: 2nd Arab - Israeli War 1960: OPEC founded 1967: 3rd Arab - Israeli War 1969: Qaddafi coup 1978: Khomeini coup 1980: Iraq – Iran War 1990-91: 1st US - Iraq War 2003 - : 2nd US - Iraq War Oil Time Line – Important Events Kendall 2007 UT - AAPG

  41. History of Petroleum Exploration • Oil became commodity of military success • In Second World War Germany controlled the oil of Romania • Wanted to acquire Baku (Russian) & Persian Gulf (British Empire) • BP was active in Middle East & retained control of Persian Gulf until the USA acquired exploration concessions in Saudi Arabia (5%) • Cheaper oil for all!!! Kendall 2007 UT - AAPG

  42. Center of Gravity 1944 De Golyer: “The center of gravity of world oil production is shifting to the Middle East” 1945 - Ras Tanura Refinery begins operations eventually becomes largest refinery in world

  43. “Petroleum” What to do in the Middle East? • US government to acquire direct ownership • US government to negotiate an agreement with British • Allow private companies to conduct the business

  44. Yalta 1st Option: Ruled out 2nd Option: Before going to Yalta, Roosevelt withdrew it from Senate 3rd Option: Won

  45. Growing Demand & Rising Production 1945: 26 million cars 1950: 40 million cars Many new discoveries USA 1948 Net exporter Net importer

  46. History of the Oil Price Kendall 2007 UT - AAPG

  47. March 12th, 1947 Truman Doctrine • New Aramco: Socol, Standard Oil of NJ, Texaco, Socony • Gulf Oil – Shell in Kuwait • Iranian contract between Anglo Iranian & Standard Oil, • Socony

  48. Europe in crisis Marshall Plan

  49. Birth of Israel 1946 June - Oil giant Burgan field discovered 1948 May 14 - First Arab - Israeli war 1951 May - 1st shipment of Kuwait crude oil

  50. King Ibn Saud • Ibn Saud’s Dilemmas: - • Birth of Israel • US guarantee of Saudi Arabian independence • Soviet threat

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