The Islamic Republic of Iran possesses 10% of the world's oil reserves. Oil was discovered in Iran in 1908. After World War I Iran was admitted to the League of Nations and signed a trade agreement with the United Kingdom. Britain formally confirmed the independence of Iran, but actually tried to establish full control over it.
Mohammed Mossadegh, the member of Iranian Parliament, organized the National Front of Iran and led the movement for the nationalization of the oil industry. Numerous demonstrations began against the Anglo-Iranian Oil Company leading to a two-year struggle. A law on oil fields nationalization was passed in March 1951.
Adoption of the law led to the conflicts between Iran, the US and the UK. The governments of the latter two counties announced a boycott of Iranian oil and began plotting a coup in the country. However, the adoption of the law was a very important event in the history of Iran, and its anniversary is celebrated annually on March 20.Remind me with Google Calendar
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