Record of Informal Anglo-United States Discussions in London, November 1946

Anglo-American Oil Agreement

The U.S. representatives explained that it was the intention of the State Department to seek the approval of the Senate for the Anglo-American Oil Agreement of September, 1945 at the earliest feasible moment.
Views were exchanged on questions which had been raised in the United States on certain aspects of the Anglo-American Oil Agreement. The U.K. and U.S. representatives reaffirmed that:-
neither the British nor the U.S. Government envisaged anything more than advisory functions for the Anglo-American Commission to be set up under the Agreement;
neither the British nor the U.S. Government understood Article IV 3.d. of the Agreement as obligating the Commission to recommend specific production quotas;
it was the intention of both Governments in accordance with the undertaking of Article II (a) of the Agreement so to direct their efforts that all valid concession contracts and lawfully acquired rights should be respected and that there should be no interference direct or indirectly with such contracts or rights.