The writer Stephen Hemsley Longrigg, a former IPC employee, noted that "the Red Line Agreement, variously assessed as a sad case of wrongful cartelization or as an enlightened example of international co‑operation and fair-sharing, was to hold the field for twenty years and in large measure determined the pattern and tempo of oil development over a large part of the Middle East".
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The Red Line Agreement gave the Near East Development Corporation, the Anglo-Persian Oil Company, Royal Dutch Shell, and the Compagnie Française des Pétroles each 23.75% of any oil that was produced by the Turkish Petroleum Company.