Overview: Understanding oil is essential for understanding modern history. The 20th century has rightly been called the century of oil, and the beginning of the 21st century suggests that this strategic commodity still gains in importance. From its creation in 1907 Royal Dutch Shell has played a key role in the global oil industry. For most of the 20th century Royal Dutch Shell was either the largest or, after Standard Oil/Exxon, the second largest oil company.