The Voluntary Agreement designed to manage the loss of Iranian oil supplies was signed in which year?

• A. 1940
• B. 1950
• C. 1960
• D. 1955

Answer: (B)

This question looks at how oil markets handled supply disruptions through voluntary coordination rather than formal quotas. When a key producer’s output fell, major producers and buyers often agreed on a voluntary allocation to keep supplies flowing and prevent price spikes. The specific Voluntary Agreement to manage the loss of Iranian oil supplies was signed in 1950, reflecting the era’s preference for cooperative arrangements to stabilize the market after disruptions.

The other dates correspond to different oil-market moments, not this particular agreement.