Iran retained formal legal title to oil properties, while an international consortium received long-term operating and exploitation rights over much of the industry. The agreement followed the 1953 coup and constrained how far nationalization translated into operational control. The distribution of profit, management power, and sovereignty remained unequal.
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What did the 1954 consortium agreement leave to Iran formally?
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The US diplomatic record describes Iranian legal title alongside long-term consortium operating rights.
The 1954 agreement gave Iran legal title while consortium companies held significant operating rights.
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The declassified US record distinguishes title from operating and exploitation rights.