The Journal of World Energy Law & Business 2008 1(1):5-30; doi:10.1093/jwelb/jwn004
© The Author 2008. Published by Oxford University Press on behalf of the AIPN. All rights reserved.
National oil companies and international oil companies in the Middle East: Under the shadow of government and the resource nationalism cycle
Prof. Paul Stevens*
* Emeritus Professor of Petroleum Policy and Economics at the Centre for Energy, Petroleum and Mineral Law and Policy at the University of Dundee and Senior Research Fellow (Energy), Chatham House.
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1. Introduction
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This paper considers the cyclical nature of resource nationalism.
As the title suggests, the focus is on the oil production in
the Middle East.
1 The reason for the emphasis on the Middle
East is obvious. It has always dominated the global oil reserves
2 and has in recent years had more than its fair share of conflict.
3 This issue matters because it determines the ability and willingness
of the region to convert its geology into supplies of oil for
the global oil market.
4 Fig. 1 illustrates the importance of
the Middle East exports in the global energy markets since 1951.
The issue also matters because it affects the ability of the
region to convert its resources into development meaning growth,
employment creation and the alleviation of poverty for its own
people.
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Fig. 1 World oil exports (1951–2005). Source: BP (various years).
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A key issue concerns how ‘resource nationalism’
is defined. Given the
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2. Pre-World War II: Seeding the conflicts11
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3. The 1950s and the 1960s: Golden years15
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4. The 1970s: Nationalization and closure
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5. The 1980s: The Washington Consensus and Opening
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6. The 2000s: Closure again?34
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7. Conclusions
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