Iraqi workers strike against oil law, 2007
In the 1960s, the Iraqi government began nationalizing the oil industry. In 1966, the government created the Iraq National Oil Company, which was to eventually control all sects of the oil industry except for refining which was already under control of the Oil Refineries Administration. Complete nationalization occurred in 1972. Iraq has a proven 115 billion barrels of oil reserves, the third largest amount in the world.