The Historical Roots of Oil Price Monopoly and Its Exploration in the Arabian Gulf

This research study is grounded in historic perspective, aimed at scrutinizing the oil agreements that international oil companies, operated in the Arabian Gulf exploited to serve their interests. One of the most important objectives is to reveal the secrecy of the agreements and the parties involved, which serve their monopolistic interests without concern for the rights of those countries and their peoples. The Achnacarry Agreement, signed in Scotland in September 1928, is one of the most significant oil agreements that remained secret for nearly 25 years, earning the title of “the Oil Constitution.” Interestingly, such agreement remained hidden from the public for a quarter of a century. This led to dangerous oil policies under which global oil extraction, production, distribution, marketing, and pricing were monopolized, at the expense of the wealth of nations and their governments. Arguably the Achnacarry Agreement eventually became a cornerstone of oil monopolies for many years ahead, allowing for the expansion of its base by the inclusion of over 15 international companies.