3Geopolitics of Energy

3Geopolitics of Energy - G eopolitics of Energy The M iddle...

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Geopolitics of Energy The Middle East is an area of strategic importance to the European Union as well as the entire world. Large share of the world hydrocarbon reserves exists in the Middle East. Holding more than 60 percent of the world’s proven oil reserves, and 45 percent of the world’s natural gas reserves, the Middle East’s role in fuelling world economies and being strategic supplier of various oil and gas products is quite clear. With surging global energy requirements, this role will only continue to grow. The landscape of the energy industry has changed dramatically over the past decades. One of the primary characteristics of this change is the increase of hydrocarbon production by National Oil Companies compared to the diminishing share of production of International Oil Companies. This shift of balance favoring the National Oil Companies is mainly due to the size of reserves they control, the capital, technical know-how, and skilled labor, which only International Oil Companies
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This note was uploaded on 06/03/2011 for the course ECON 201 taught by Professor Jeanmichele during the Spring '11 term at Portland State.

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3Geopolitics of Energy - G eopolitics of Energy The M iddle...

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