Magazine content is available exclusively for TIME subscribers.Foreign News: IRAN'S OIL
Importance. The Anglo-Iranian Oil Co., Ltd. in 1950 was the largest oil-producing company in the world. Its wells spouted 700,000 barrels of oil a day, or more than a third of the total Middle East production, 10% of world production. Its refinery at Abadan, with a capacity of 500,000 barrels a day, is the world's largest. (All of Texas produces 2,000,000 barrels daily; Russia and her satellites, 821,000.)
With four other Middle East areas, Iran furnished three-fourths of the petroleum used in Western Europe. The A.I.O.C. supplied one quarter of Britain's oil requirements, including fuel for the Royal Navy; produced most of...
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