Tuesday, April 16, 2024

Iran celebrates 73rd anniv. of oil industry nationalization

Iran is commemorating the 73rd anniversary of its historic nationalization of the oil industry, a landmark event that reshaped the nation's trajectory.

Led by then Prime Minister Mohammad Mossadegh on March 19, 1951, the move aimed to reclaim control of Iran’s oil resources from foreign entities, notably the Anglo-Iranian Oil Company (now BP).

Despite facing international pressure and sanctions, Mossadegh’s government successfully nationalized the industry, marking a crucial step towards asserting Iran’s sovereignty.

The anniversary serves as a poignant reminder of Iran’s enduring struggle for independence and control over its vital resources.

Now 73 years  into that historical event, according to the Iranian oil minister, the Islamic Republic aims to increase its oil production to the threshold of 4 million barrels per day in the coming year, despite the US-led sanctions.

With a reserve of 163 billion barrels of oil in place, Javad Owji said Iran is looking to ramp up production to 5.7 million barrels per day as part of its seventh development plan.

This milestone comes amid ongoing geopolitical tensions and economic challenges for Iran, underscoring the significance of the nationalization efforts in shaping the nation’s history and identity.

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