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Oil

In: Commodity Trade of the Third World

Author

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  • Peter R. Odell

Abstract

The role of petroleum in the Third World is generally different from that of any other commodity, because it is imported for domestic use rather than being exported to the industrialised parts of the world as a means of earning foreign revenue. There are, of course, the specific exceptions to this situation, that is the member countries of the Organisation of Petroleum Exporting Countries, but these number less than ten real countries plus a few other sheikdoms with small populations. Apart from this handful of nations, the great majority of Third World countries have always been — and still remain — net importers of oil and it is to these countries’ problems over oil that we must first turn our attention.

Suggested Citation

  • Peter R. Odell, 1975. "Oil," Palgrave Macmillan Books, in: Cheryl Payer (ed.), Commodity Trade of the Third World, chapter 1, pages 15-39, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-02609-8_1
    DOI: 10.1007/978-1-349-02609-8_1
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