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National Oil Companies and the Future of the Oil Industry

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  • David G. Victor

    (Laboratory on International Law and Regulation, School of International Relations and Pacific Studies, University of California, San Diego, La Jolla, California 92093-0519
    Global Agenda Council on Energy Security, World Economic Forum, CH-1223 Cologny/Geneva, Switzerland)

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

  • David G. Victor, 2013. "National Oil Companies and the Future of the Oil Industry," Annual Review of Resource Economics, Annual Reviews, vol. 5(1), pages 445-462, June.
    • Handle: RePEc:anr:reseco:v:5:y:2013:p:445-462
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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-resource-091912-151856
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    Cited by:

    1. Khanna, Arpita Asha, 2017. "Revisiting the Oil Curse: Does Ownership Matter?," World Development, Elsevier, vol. 99(C), pages 214-229.
    2. Monaldi, Francisco & Hernández, Igor & La Rosa Reyes, José, 2021. "The collapse of the Venezuelan oil industry: The role of above-ground risks limiting foreign investment," Resources Policy, Elsevier, vol. 72(C).
    3. Mahdavi, Paasha, 2014. "Why do leaders nationalize the oil industry? The politics of resource expropriation," Energy Policy, Elsevier, vol. 75(C), pages 228-243.

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