Nationalization of oil supplies | Wikipedia audio article
Channel: wikipedia tts
Date: 23/12/2018

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Nationalization_of_oil_supplies


00:01:48 1 History
00:04:47 1.1 Pre-nationalization
00:07:11 1.2 Early nationalizations
00:08:08 2 Reasons for nationalization
00:08:18 2.1 Exploitation
00:09:43 2.2 Change in oil prices
00:11:49 2.3 Structural change of oil-producing countries
00:12:36 2.3.1 Strategic control
00:13:21 2.3.2 Increased capabilities
00:13:45 2.3.3 Expansion of the oil industry
00:14:38 2.3.4 Changes in supply and demand
00:15:03 2.4 Diffusion of ideas between oil-producing countries
00:17:43 3 Implications of nationalization
00:17:53 3.1 Vertical integration of the oil industry was broken
00:19:11 3.2 Oil companies lost access to oil supplies
00:20:18 3.3 Change in the horizontal integration of the oil industry
00:21:05 3.4 Restructuring of the refining sector
00:21:58 3.5 Change in the spot market
00:23:25 4 OPEC countries
00:23:34 4.1 Ecuador
00:24:30 4.2 Iran
00:26:03 4.3 Iraq
00:27:11 4.4 Libya
00:27:37 4.5 Nigeria
00:29:29 4.6 Saudi Arabia
00:30:18 4.7 Venezuela
00:32:14 5 Non-OPEC countries
00:32:24 5.1 Argentina
00:35:34 5.2 Canada
00:37:22 5.3 Mexico
00:38:32 5.4 Russia
00:39:44 6 See also



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SUMMARY
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The nationalization of oil supplies refers to the process of confiscation of oil production operations and private property, generally in the purpose of obtaining more revenue from oil for oil-producing countries' governments.  This process, which should not be confused with restrictions on crude oil exports, represents a significant turning point in the development of oil policy. Nationalization eliminates private business operations—in which private international companies control oil resources within oil-producing countries—and allows oil-producing countries to gain control of private property.  Once these countries become the sole owners of these confiscated resources in violation of contract law, they have to decide how to maximize the net present value of their known stock of oil in the ground.
Several key implications can be observed as a result of oil nationalization. "On the home front, national oil companies are often torn between national expectations that they should 'carry the flag' and their own ambitions for commercial success, which might mean a degree of emancipation from the confines of a national agenda."According to consulting firm PFC Energy, only 7% of the world's estimated oil and gas reserves are in countries that allow private international companies free rein. Fully 65% are in the hands of state-owned companies such as Saudi Aramco, with the rest in countries such as Russia and Venezuela, where access by Western companies is difficult. The PFC study implies political groups unfavorable to capitalism in some countries tend to limit oil production increases in Mexico, Venezuela, Iran, Iraq, Kuwait and Russia. Saudi Arabia is also limiting capacity expansion, but because of a self-imposed cap, unlike the other countries.