National oil companies

National oil companies - National oil companies DEFINITION:...

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National oil companies DEFINITION : oil companies were private for a very long time, during Great Transformation 1960-1980, countries (especially middle east) began to nationalize their oil fields. Before nationalization the 7 sisters (all Western) had a monopoly on oil. OPEC undermined the monopoly of the 7 sisters. Today, 12 of 15 biggest oil companies are state controlled [Slide 14 of lecture 14] · SIGNIFICANCE : These companies are: opaque (not transparent – don’t disclose what they earn, don’t disclose where they’re exporting, etc.) which is a problem for us because we can’t sanction or directly boycott anything. directly tied to the governments of the countries · CONTEXT : like Nigerian oil company, referenced in Maas article, which contributes to the corruption and non-democratic rule in the nation. Oil and democracy 1) Source-Does Oil Hinder Democracy?-Ross 2) Definition-The article seeks to find out whether or not having oil hinders the development of democracy. Apparently, It does.
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National oil companies - National oil companies DEFINITION:...

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