1939-45 World War II: control of oil supply from Baku and Middle East played a huge role in the events of the war and the ultimate victory of the allies

1942 Japan invaded Indonesia for access to their oil reserves

1943 The first “50-50” deal in Venezuela

1948 Ghawar Field discovered in Saudi Arabia — the largest conventional oil field in the world. Standard of New Jersey (Exxon) and Socony-Vacuum (Mobil) join Standard of California (Chevron) and Texaco in Aramco

1950 “50-50” deal between Aramco and Saudi Arabia

1951 Anglo Iranian Oil Company nationalized

1956 Suez Crisis. Oil discovered in Algeria and Nigeria

1957 European Economic Community established

1959 Natural gas discovered in Groningen Field, The Netherlands. Arab Petroleum Congress in Cairo

1960 OPEC founded in Baghdad

1967 Six day War between Israel and the Arab world, Suez Canal closed. Great Canadian Oil Sands Ltd (Suncor) began production of tar sands north of Fort McMurray, Alberta

1968 Oil discovered on Alaska’s North Slope

1969 The Libyan Green Revolution. Oil discovered in the North Sea. Santa Barbara oil spill

Source: Energy Intelligence