Iran sanctions: Tehran is no stranger to oil's upheavals
US sanctions will target Iran’s energy industry from November. But the country where the first Middle Eastern oil discovery was made has faced many past vagaries in oil fortunes
It all began in London in 1900. An emissary of the government of Persia (as Iran was generally called up to the 1930s) was on the lookout for someone who might be interested in buying a concession to search for oil. A retired British diplomat recommended "a capitalist of the highest order", William Knox D'Arcy. He was an Englishman who had spent time in Australia and had made money in a gold-mining venture there. He was up for taking a punt in Persia. In 1901, he sent a representative to Tehran, and negotiations with Shah Muzaffar al-Din began. The Persian government was keen for a Briton to win the concession to balance Russian influence in the country. This factor helped smooth the discuss
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
