National Oil Companies and the Future of the Oil Industry

Posted: 11 Oct 2013

See all articles by David G. Victor

David G. Victor

UC San Diego, School of Global Policy and Strategy

Date Written: June 2013

Abstract

Ever since the 1970s, a small number of national oil companies (NOCs) have dominated the world supply of oil and other hydrocarbons. Despite the huge influence that NOCs have on political economy, systematic scholarship remains surprisingly thin. I examine the factors that explain the wide variation in the strategy and performance of NOCs and survey the literature that has suggested the many ways in which NOCs play pivotal political and economic roles in resource-rich countries. As we look to the future, the fate of NOCs hinges on the price of oil, which may be eroded as new supplies (largely outside the control of most NOCs), such as deep water and shale oil, affect global markets.

Suggested Citation

Victor, David G., National Oil Companies and the Future of the Oil Industry (June 2013). Annual Review of Resource Economics, Vol. 5, Issue 1, pp. 445-462, 2013. Available at SSRN: https://ssrn.com/abstract=2339085 or http://dx.doi.org/10.1146/annurev-resource-091912-151856

David G. Victor (Contact Author)

UC San Diego, School of Global Policy and Strategy ( email )

9500 Gilman Drive
La Jolla, CA 92093-0519
United States

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