In the 1990s, Venezuela opened its upstream oil sector to private investment. This collection of guidelines, called apertura, facilitated the creation of 32 Operational Service Agreements (OSA) with 22 separate foreign oil companies, including international oil companies such as Chevron, BP, Total and Repsol-YPF. Venezuelan President Hugo Chavez has sharply strayed from the economic policies of previous governments. PDVSA is now used as a cash-cow and as an employer of the last resort; [38] Foreign oil companies were nationalized and the government refused to pay compensation. [39] Achnacarry companies have also proved unable to stem the influx of cheap crude oil from Russian and Romanian producers, both of which were outside the agreement, on European markets, where they gained market share. The most famous was the secret agreement between Standard Oil of New Jersey (forerunner of Exxon), Royal Dutch-Shell and the Anglo-Persian Oil Company (forerunner of BP) in September 1928. The reasonable solution was a market allocation agreement, in which the three companies agreed to accept their share of the current market and a proportionate share of future oil demand growth. Such a region was Persia. Shah Reza Pahlavi of Persia, who had crowned himself the founder of the new Pahlavi dynasty in 1925, was ready to modernize Persia, and he was outraged by the fall of royalties with depression. He had also become too suspicious of everyone, and this was taken at fault even by his closest and most loyal supporters. In addition, he was also firmly opposed by the clerics, the mullahs, who organized resistance to the Shah`s efforts to create a modern and secular country. The Shah regarded Anglo-Persian, as the mullahs, as an independent centre of power that he had to control and reduce their power and influence. In addition, he was angry with the majority shareholder of Anglo-Persian, the British government, for its diplomatic recognition of Iraq and for the protection and non-accession to sovereignty of Persia over Bahrain.

Thus, on 16 November 1932, he abruptly and unilaterally cancelled the concession of Anglo-Persian. The Persians accused William Knox d`Arcy`s 1901 concession of being a violation of Persia`s national sovereignty. The subject was sent to the League of Nations, the predecessor of the United Nations, and five months later, Cadman went to Tehran to save the situation. A new agreement was finally signed in April 1933. Persia was guaranteed a fixed royalty of 4 shillings per tonne and would also receive 20% of the company`s global profits. A minimum annual payment of 750,000 pounds was guaranteed and the duration of the concession was extended from 1961 to 1993. The „perseration“ of staff should also be accelerated. In a way, the „As-Is“ agreement should not only be a defence against overproduction and depression, but also against the emergence of political forces in Europe and in producing countries. In the 1930s, political pressure on oil companies took many forms. Governments imposed import quotas, set prices and limited currencies, and autocracy and bilateral trade were also commonplace as a result of the depression. Oil companies tried to protect themselves from state intervention in the second half of the 1930s, after the end of the worst depression. Political and economic nationalism had also intensified globally, and as one oil observer put it, „Oil operations are 90% political and 10% oil.“ „All of these developments will have a strong tendency to slow the rate of increase in consumption,“ the agreement warned.