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When did the western companies lose their split ownership of Iranian oil production?
1965
1971
1979
1987
Answer
In 1979, the Iranian Revolution led to the overthrow of the Shah, who had been supported by the United States. The new government of Ayatollah Khomeini nationalized the Iranian oil industry, ending the split ownership of Iranian oil production between western companies and the Iranian government. This was a major blow to the western oil companies, as Iran had been one of the world's largest oil producers.
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