| Where was oil first discovered in Persia in 1908? | Masjed Soleyman, by the Anglo-Persian Oil Company (APOC). |
| Which country became a dominant oil player after the 1938 discovery of the Ghawar oil field? | Saudi Arabia. |
| What strategic partnership was established between the U.S. and Saudi Arabia in 1945? | King Abdulaziz and President Roosevelt agreed on U.S. access to oil in exchange for security guarantees. |
| What action did Mohammad Mossadegh take in 1951 regarding Iran’s oil industry? | He nationalized the oil industry, previously controlled by the Anglo-Iranian Oil Company (AIOC). |
| What organization was founded in 1960 to unify oil-producing countries? | The Organization of Petroleum Exporting Countries (OPEC). |
| What event in 1973 demonstrated the geopolitical power of Middle Eastern oil exporters? | The oil embargo during the Yom Kippur War. |
| What financial arrangement did Saudi Arabia negotiate with foreign companies in 1950? | A 50:50 profit split, while foreign companies retained control over marketing and production. |
| Which five countries were founding members of OPEC? | Iran, Iraq, Kuwait, Saudi Arabia. |
| What does the term "Seven Sisters" historically refer to in the global oil industry? | The dominant multinational oil companies that controlled much of the world's oil production and reserves during the mid-20th century. |
| Name three of the original Seven Sisters companies and their modern equivalents. | Standard Oil of New Jersey (now part of ExxonMobil), Royal Dutch Shell (now Shell plc), and Anglo-Persian Oil Company (later British Petroleum, now BP). |
| What led Arab countries to seek more control over their natural resources? | Arab nations began asserting control after studying engineering, geology, and business abroad and feeling exploited by multinational oil companies. |
| What action did the Seven Sisters take in 1959 that angered Arab oil producers? | They reduced the value of Arab oil by $132 million. |
| Why was OPEC founded in 1960? | To increase the bargaining power of oil-producing nations and reduce the control of multinational oil companies. |
| What were the founding member countries of OPEC? | Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. |
| What was OPEC’s primary strategy for stabilizing oil prices? | By controlling production levels to balance supply and demand. |
| What event in 1973 caused an oil embargo on the U.S. and its allies? | Nixon’s promise of $2.2 billion in arms to Israel during the Yom Kippur War. |
| How did the closure of the Suez Canal (1967-1975) impact Europe? | Oil tankers were forced to take longer routes, leading to shortages in Europe. |
