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Achnacarry Agreement

The major oil companies' first attempt to coordinate efforts in order to end price wars. Also known as the "As-Is" Agreement of 1928, it left out too many players to succeed in cartelizing production and distribution.

Concession

The first approach to gain access to oil: purchase rights from governments to parcels of land and the underlying resources. It was the method of imperialism, and fell out of vogue after World War II.

Embargo

The severing of access to a commodity by a warring government, intended to starve the enemy into submission.

OPEC

The oil-producing nations' attempt to control production and prices in the form of a common front against the oil companies. It began in embryo at the April 1959 Arab Oil Congress, and was formalized in September 1960 by the five countries controlling 80% of the world's crude oil exports. It did not gain "muscle" until 1971 meetings in Tehran...

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