Oil policy in Iraq 1968-1979

Abstract

Abstract

The impact of that oil policy in Iraq varied in terms of impact and results, as the oil revenues had previously had a small impact in supporting government curricula until the Profits Equality Agreement signed in 1952, but it remained linked to the monopolistic companies (IPC) and its policy that depended on the Iraqi decision through Limiting production, reducing prices, and not expanding by investing the rest of the concession lands With the formation of the republican system, the Iraqi governments sought to adopt an oil policy aimed at expanding oil investment through the establishment of the National Oil Company, and cancelling the concession of lands that were not invested by the monopolistic companies, but this The trend met with a clear response from those companies. After 1968, the Iraqi government sought to adopt an economic policy that adopted the socialist approach based on organized planning, to achieve the greatest degree of economic and social development and to achieve a qualitative leap in the completion of a large number of projects, infrastructure, and the expansion of education. Providing health services and raising the standard of living for citizens through the adoption of major five-year development plans. Therefore, it sought to adopt a new policy to extract Iraq’s rights, by imposing the national vision in negotiations with those companies, which ultimately led to the historic decision on June 1, 1972, to nationalize the monopoly operations of the Iraq Petroleum Company, to invest in oil nationally, and to direct the huge oil revenues that were achieved after the victory of nationalization and the acquiescence of Iraq. Companies of the Iraqi decision on the first of March 1973.