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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Structural_change_of_oil-producing_countries"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Structural change of oil-producing countries</span> </div> </a> <ul id="toc-Structural_change_of_oil-producing_countries-sublist" class="vector-toc-list"> <li id="toc-Strategic_control" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Strategic_control"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.1</span> <span>Strategic control</span> </div> </a> <ul id="toc-Strategic_control-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Increased_capabilities" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Increased_capabilities"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.2</span> <span>Increased capabilities</span> </div> </a> <ul id="toc-Increased_capabilities-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Expansion_of_the_oil_industry" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Expansion_of_the_oil_industry"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.3</span> <span>Expansion of the oil industry</span> </div> </a> <ul id="toc-Expansion_of_the_oil_industry-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Changes_in_supply_and_demand" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Changes_in_supply_and_demand"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.4</span> <span>Changes in supply and demand</span> </div> </a> <ul id="toc-Changes_in_supply_and_demand-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Diffusion_of_ideas_between_oil-producing_countries" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Diffusion_of_ideas_between_oil-producing_countries"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Diffusion of ideas between oil-producing countries</span> </div> </a> <ul id="toc-Diffusion_of_ideas_between_oil-producing_countries-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Implications_of_nationalization" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Implications_of_nationalization"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Implications of nationalization</span> </div> </a> <button aria-controls="toc-Implications_of_nationalization-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Implications of nationalization subsection</span> </button> <ul id="toc-Implications_of_nationalization-sublist" class="vector-toc-list"> <li id="toc-Vertical_integration_of_the_oil_industry_was_broken" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Vertical_integration_of_the_oil_industry_was_broken"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Vertical integration of the oil industry was broken</span> </div> </a> <ul id="toc-Vertical_integration_of_the_oil_industry_was_broken-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Oil_companies_lost_access_to_oil_supplies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Oil_companies_lost_access_to_oil_supplies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Oil companies lost access to oil supplies</span> </div> </a> <ul id="toc-Oil_companies_lost_access_to_oil_supplies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Change_in_the_horizontal_integration_of_the_oil_industry" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Change_in_the_horizontal_integration_of_the_oil_industry"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Change in the horizontal integration of the oil industry</span> </div> </a> <ul id="toc-Change_in_the_horizontal_integration_of_the_oil_industry-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Restructuring_of_the_refining_sector" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Restructuring_of_the_refining_sector"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Restructuring of the refining sector</span> </div> </a> <ul id="toc-Restructuring_of_the_refining_sector-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Change_in_the_spot_market" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Change_in_the_spot_market"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Change in the spot market</span> </div> </a> <ul id="toc-Change_in_the_spot_market-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-OPEC_countries" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#OPEC_countries"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>OPEC countries</span> </div> </a> <button aria-controls="toc-OPEC_countries-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle OPEC countries subsection</span> </button> <ul id="toc-OPEC_countries-sublist" class="vector-toc-list"> <li id="toc-Algeria" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Algeria"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Algeria</span> </div> </a> <ul id="toc-Algeria-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ecuador" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ecuador"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Ecuador</span> </div> </a> <ul id="toc-Ecuador-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Iran" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Iran"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Iran</span> </div> </a> <ul id="toc-Iran-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Iraq" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Iraq"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Iraq</span> </div> </a> <ul id="toc-Iraq-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Libya" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Libya"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.5</span> <span>Libya</span> </div> </a> <ul id="toc-Libya-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Nigeria" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Nigeria"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.6</span> <span>Nigeria</span> </div> </a> <ul id="toc-Nigeria-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Saudi_Arabia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Saudi_Arabia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.7</span> <span>Saudi Arabia</span> </div> </a> <ul id="toc-Saudi_Arabia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Venezuela" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Venezuela"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.8</span> <span>Venezuela</span> </div> </a> <ul id="toc-Venezuela-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Non-OPEC_countries" 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class="vector-toc-numb">5.2</span> <span>Canada</span> </div> </a> <ul id="toc-Canada-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mexico" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mexico"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Mexico</span> </div> </a> <ul id="toc-Mexico-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Russia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Russia"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.4</span> <span>Russia</span> </div> </a> <ul id="toc-Russia-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button 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src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/World_oil_production.webp/220px-World_oil_production.webp.png" decoding="async" width="220" height="239" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/World_oil_production.webp/330px-World_oil_production.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/World_oil_production.webp/440px-World_oil_production.webp.png 2x" data-file-width="760" data-file-height="824" /></a><figcaption>World oil production 2011 - 2021 average barrels of oil per day</figcaption></figure> <p>The <b>nationalization of oil supplies</b> refers to the process of confiscation of <a href="/wiki/Petroleum" title="Petroleum">oil</a> production operations and their property, generally for the purpose of obtaining more revenue from oil for the governments of oil-producing countries. This process, which should not be confused with restrictions on crude oil exports, represents a significant turning point in the development of oil policy. <a href="/wiki/Nationalization" title="Nationalization">Nationalization</a> eliminates private business operations—in which private international companies control oil resources within oil-producing countries—and transfers them to the ownership of the governments of those countries. Once these countries become the sole owners of these resources, they have to decide how to maximize the <a href="/wiki/Net_present_value" title="Net present value">net present value</a> of their known stock of oil in the ground.<sup id="cite_ref-OEaP_1-0" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> 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."<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>According to consulting firm <a href="/wiki/PFC_Energy" title="PFC Energy">PFC Energy</a>, only 7% of the world's estimated oil and gas reserves are in countries that allow private international companies free rein. Roughly 65% are in the hands of state-owned companies such as <a href="/wiki/Saudi_Aramco" title="Saudi Aramco">Saudi Aramco</a>, with the rest in countries such as <a href="/wiki/Russia" title="Russia">Russia</a> and <a href="/wiki/Venezuela" title="Venezuela">Venezuela</a>, 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 <a href="/wiki/Mexico" title="Mexico">Mexico</a>, <a href="/wiki/Venezuela" title="Venezuela">Venezuela</a>, <a href="/wiki/Iran" title="Iran">Iran</a>, <a href="/wiki/Iraq" title="Iraq">Iraq</a>, <a href="/wiki/Kuwait" title="Kuwait">Kuwait</a> and Russia. <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabia</a> is also limiting capacity expansion, but because of a self-imposed cap, unlike the other countries.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>This nationalization (expropriation) of previously privately owned oil supplies where it has occurred, has been a gradual process. Before the discovery of oil, some Middle Eastern countries such as <a href="/wiki/Iraq" title="Iraq">Iraq</a>, <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabia</a>, and <a href="/wiki/Kuwait" title="Kuwait">Kuwait</a> were all poor and underdeveloped. They were desert kingdoms that had few natural resources and were without adequate financial resources to maintain the state. Poor peasants made up a majority of the population.<sup id="cite_ref-THaSCoaNOI_4-0" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>When oil was discovered in these developing nations during the early twentieth century, the countries did not have enough knowledge of the oil industry to make use of the newly discovered natural resources. The countries were therefore not able to mine or market their petroleum.<sup id="cite_ref-THaSCoaNOI_4-1" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Major oil companies had the technology and expertise and they negotiated concession agreements with the developing countries; the companies were given exclusive rights to explore and develop the production of oil within the country in exchange for making risky investments, discovering the oil deposits, producing the oil, and paying local taxes. The concession agreements made between the oil-producing country and the oil company specified a limited area the company could utilize, lasted a limited amount of time, and required the company to take all the financial and commercial risks as well as pay the host governments surface taxes, <a href="/wiki/Royalties" class="mw-redirect" title="Royalties">royalties</a>, and production taxes. As long as companies met those requirements, governments promised the companies would be able to claim any of the oil they mined.<sup id="cite_ref-THaSCoaNOI_4-2" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> As a result, the world's oil was largely in the hands of seven corporations based in the <a href="/wiki/United_States" title="United States">United States</a> and <a href="/wiki/Europe" title="Europe">Europe</a>, often called the <a href="/wiki/Seven_Sisters_(oil_companies)" class="mw-redirect" title="Seven Sisters (oil companies)">Seven Sisters</a>.<sup id="cite_ref-WOIIA_5-0" class="reference"><a href="#cite_note-WOIIA-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Five of the companies were American (<a href="/wiki/Chevron_Corporation" title="Chevron Corporation">Chevron</a>, <a href="/wiki/Exxon" class="mw-redirect" title="Exxon">Exxon</a>, <a href="/wiki/Gulf_Oil" title="Gulf Oil">Gulf</a>, <a href="/wiki/Mobil" title="Mobil">Mobil</a>, and <a href="/wiki/Texaco" title="Texaco">Texaco</a>), one was British (<a href="/wiki/BP" title="BP">BP</a>), and one was Anglo-Dutch (<a href="/wiki/Shell_plc" title="Shell plc">Royal Dutch Shell</a>).<sup id="cite_ref-THaSCoaNOI_4-3" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> These companies have since merged into four: Shell, <a href="/wiki/ExxonMobil" title="ExxonMobil">ExxonMobil</a>, <a href="/wiki/Chevron_Corporation" title="Chevron Corporation">Chevron</a>, and BP.<sup id="cite_ref-WOIIA_5-1" class="reference"><a href="#cite_note-WOIIA-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The nations with oil reserves were unhappy with the percentage of the profits they had negotiated. But, due to the inclusion of choice-of-law clauses, the sovereign host countries could not simply change the contracts arbitrarily. In other words, disputes over contract details would be settled by a third party instead of the host country. The only way for host countries to alter their contracts was through nationalization (expropriation). </p><p>Although undeveloped nations originally welcomed concession agreements, some nationalists began to argue that the oil companies were exploiting them.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (August 2013)">citation needed</span></a></i>]</sup> Led by Venezuela, oil-producing countries realized that they could control the price of oil by limiting the supply. The countries joined together as <a href="/wiki/OPEC" title="OPEC">OPEC</a> and gradually governments took control of oil supplies.<sup id="cite_ref-THaSCoaNOI_4-4" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Before the 1970s there were only two major incidents of successful oil nationalization—the first following the <a href="/wiki/Bolshevik_Revolution" class="mw-redirect" title="Bolshevik Revolution">Bolshevik Revolution</a> of 1917 in Russia and the second in 1938 in Mexico.<sup id="cite_ref-ANPEoO_6-0" class="reference"><a href="#cite_note-ANPEoO-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Pre-nationalization">Pre-nationalization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=2" title="Edit section: Pre-nationalization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Due to the presence of oil, the Middle East has been the center of international tension even before the nationalization of oil supplies. <a href="/wiki/United_Kingdom" title="United Kingdom">Britain</a> was the first country that took interest in Middle Eastern oil. In 1908, oil was discovered in <a href="/wiki/Persia" class="mw-redirect" title="Persia">Persia</a> by the Anglo-Persian oil company under the <a href="/wiki/Stimulus_(economic)" class="mw-redirect" title="Stimulus (economic)">stimulus</a> of the British government. Britain maintained strategic and military domination of areas of the Middle East outside Turkish control until after <a href="/wiki/World_War_I" title="World War I">World War I</a> when the former <a href="/wiki/Turkish_Empire" class="mw-redirect" title="Turkish Empire">Turkish Empire</a> was divided between the British and the French. It turned out that many of the areas controlled by the French had little oil potential.<sup id="cite_ref-TSoO_7-0" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>On the other hand, Britain continued to expand oil interests into other parts of the <a href="/wiki/Persian_Gulf" title="Persian Gulf">Persian Gulf</a>. Although oil resources were found in Kuwait, there was not enough demand for oil at the time to develop in this area.<sup id="cite_ref-TSoO_7-1" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Due to political and commercial pressure, it did not take long before the <a href="/wiki/United_States" title="United States">United States</a> secured an entry into Middle Eastern oil supplies. The British government was forced to allow the US into <a href="/wiki/Iraq" title="Iraq">Iraq</a> and the <a href="/wiki/Persian_Gulf" title="Persian Gulf">Persian Gulf</a> states. Iraq became dominated by US oil companies while <a href="/wiki/Kuwait" title="Kuwait">Kuwait</a> consisted of a 50/50 split between British and American companies.<sup id="cite_ref-TSoO_7-2" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Up until 1939, Middle Eastern oil remained relatively unimportant in world markets. According to “The Significance of Oil,” the Middle East at the time “was contributing only 5 percent of total world oil production and its exports were limited to countries within the immediate region and, via the Suez Canal, in western Europe.”<sup id="cite_ref-TSoO_7-3" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The real significance of pre-1939 developments in the Middle East is that they established the framework for the post-1945 oil expansion.<sup id="cite_ref-TSoO_7-4" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>After <a href="/wiki/World_War_II" title="World War II">World War II</a>, the demand for oil increased significantly. Due to war-time oil development, which proved the great potential for oil discovery in the Middle East, there was little hesitation in investing capital in <a href="/wiki/Iran" title="Iran">Iran</a>, <a href="/wiki/Iraq" title="Iraq">Iraq</a>, <a href="/wiki/Kuwait" title="Kuwait">Kuwait</a> and <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabia</a>.<sup id="cite_ref-TSoO_7-5" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Huge investments were made to improve the infrastructure needed to transport Middle Eastern oil. For example, investment was made on the <a href="/wiki/Suez_Canal" title="Suez Canal">Suez Canal</a> to ensure that larger <a href="/wiki/Tanker_(ship)" title="Tanker (ship)">tankers</a> could utilize it. There was also an increased construction of <a href="/wiki/Oil_pipelines" class="mw-redirect" title="Oil pipelines">oil pipelines</a>. The expansion of infrastructure to produce and transport Middle East oil was mainly under the operation of the seven major international oil companies.<sup id="cite_ref-TSoO_7-6" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Early_nationalizations">Early nationalizations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=3" title="Edit section: Early nationalizations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Prior to 1970, there were ten countries that nationalized oil production: the Soviet Union in 1918, Bolivia in 1937 and 1969, Mexico in 1938, Iran in 1951, Iraq in 1961, Burma and Egypt in 1962, Argentina in 1963, Indonesia in 1963, and Peru in 1968. Although these countries were nationalized by 1971, all of the “important” industries that existed in developing countries were still held by foreign <a href="/wiki/Company" title="Company">firms</a>. In addition, only Mexico and Iran were significant exporters at the time of nationalization.<sup id="cite_ref-DaaEoON_8-0" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>The government of <a href="/wiki/Brazil" title="Brazil">Brazil</a>, under <a href="/wiki/Get%C3%BAlio_Vargas" title="Getúlio Vargas">Getúlio Vargas</a>, nationalized the oil industry in 1953, thereby creating <a href="/wiki/Petrobras" title="Petrobras">Petrobras</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Reasons_for_nationalization">Reasons for nationalization</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=4" title="Edit section: Reasons for nationalization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Exploitation">Exploitation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=5" title="Edit section: Exploitation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Proponents of nationalization asserted that the original contracts held between an oil-producing country and an oil company were unfair to the producing country. Yet without the knowledge and skill brought into the country by the international oil companies, the countries would not have been able to get the oil. Contracts, which could not be altered or ended in advance of the true end date, covered huge expanses of land and lasted for long durations. <a href="/wiki/Nationalist" class="mw-redirect" title="Nationalist">Nationalist</a> ideas began once producing countries realized that the oil companies were exploiting them.<sup id="cite_ref-THaSCoaNOI_4-5" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Many times these countries did not pay the companies for their loss of assets or only paid nominal amounts. </p><p>The first country to act was Venezuela, which had the most favorable concession agreement. In 1943, the country increased the total <a href="/wiki/Royalties" class="mw-redirect" title="Royalties">royalties</a> and tax paid by the companies to 50% of their total <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profits</a>. However, true equal <a href="/wiki/Profit_sharing" title="Profit sharing">profit sharing</a> was not accomplished until 1948. Because oil companies were able to deduct the tax from their <a href="/wiki/Income_tax" title="Income tax">income tax</a>, profits acquired by the oil companies did not change significantly and, as a result, the oil companies did not have any major problems with the change imposed by Venezuela. Even with increased oil prices, the companies still held a dominant position over Venezuela.<sup id="cite_ref-THaSCoaNOI_4-6" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Change_in_oil_prices">Change in oil prices</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=6" title="Edit section: Change in oil prices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The posted price of oil was originally the determinant factor of the taxes that oil companies had to pay. This concept was beneficial to the oil companies because they were the ones who controlled the posted prices. Companies could increase the actual price of oil without changing the posted price, thus avoiding an increase in taxes paid to the producing country.<sup id="cite_ref-THaSCoaNOI_4-7" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Oil-producing countries did not realize that the companies were adjusting oil prices until the cost of oil dropped in the late 1950s and companies started reducing posted prices very frequently.<sup id="cite_ref-THaSCoaNOI_4-8" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The main reason for the reduction in oil prices was the change in the world's energy situation after 1957 that led to competition between energy sources. Efforts to find markets led to price cuts. Price cutting was first achieved by shaving <a href="/wiki/Profit_margins" class="mw-redirect" title="Profit margins">profit margins</a>, but soon prices were reduced to levels far lower than posted prices as companies producing oil in the Middle East started to offer crude to independent and state-owned refineries.<sup id="cite_ref-TSoO_7-7" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p> Producing countries became aggravated when the companies would reduce the prices without warning. According to “The Significance of Oil,” </p><blockquote><p>“small reductions in posted prices in 1958 and 1959 produced some indications of disapproval from certain Middle East governments, but it was not until major cuts—of the order of 10 to 15 percent—were announced in 1960 that a storm broke over the heads of the companies whose decisions would reduce the oil revenues of the countries by 5 to 7 ½ percent.”<sup id="cite_ref-TSoO_7-8" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>High oil prices, on the other hand, raise the <a href="/wiki/Bargaining_power" title="Bargaining power">bargaining power</a> of oil-producing countries. As a result, some say that countries are more likely to nationalize their oil supplies during times of high oil prices. However, nationalization can come with various costs and it is often questioned why a government would respond to an oil price increase with nationalization rather than by imposing higher taxes. <a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a> provides reasoning against nationalization.<sup id="cite_ref-DoNitOS_9-0" class="reference"><a href="#cite_note-DoNitOS-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Structural_change_of_oil-producing_countries">Structural change of oil-producing countries</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=7" title="Edit section: Structural change of oil-producing countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Third World went through dramatic structural change in the decades after oil was first discovered. Rising <a href="/wiki/Nationalism" title="Nationalism">nationalism</a> and the emergence of shared group <a href="/wiki/Consciousness" title="Consciousness">consciousness</a> among developing countries accompanied the end of the formal colonial relationships in the 1950s and 1960s. Shared group consciousness among the oil-exporting countries was expressed through the formation of OPEC, increased contact and communication between countries, and attempts of common action among countries during the 1960s. The structure of the industry, which led to increased nationalistic mentality, was affected by the following important changes:<sup id="cite_ref-DaaEoON_8-1" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Strategic_control">Strategic control</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=8" title="Edit section: Strategic control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Originally, oil-producing countries were poor and needed oil companies to help them produce the oil and manage the <a href="/wiki/Oil_reserves" class="mw-redirect" title="Oil reserves">oil reserves</a> located within the country. However, as the countries began to develop, their demands for <a href="/wiki/Revenue" title="Revenue">revenue</a> increased. The industry became integrated into a <a href="/wiki/Local_economy" class="mw-redirect" title="Local economy">local economy</a> that required strategic control by the host country over pricing and the rate of production. Gradually, foreign investors lost the trust of oil-producing countries to develop resources in the national interest. Oil-producing countries demanded participation in the control of the oil within their country.<sup id="cite_ref-DaaEoON_8-2" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Increased_capabilities">Increased capabilities</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=9" title="Edit section: Increased capabilities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Furthermore, technological innovation and managerial expertise increased dramatically after <a href="/wiki/World_War_II" title="World War II">World War II</a>, which increased the <a href="/wiki/Bargaining_power" title="Bargaining power">bargaining power</a> of producing countries. Increased bargaining power allowed the companies to change their mode of operation.<sup id="cite_ref-DaaEoON_8-3" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Expansion_of_the_oil_industry">Expansion of the oil industry</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=10" title="Edit section: Expansion of the oil industry"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/w/index.php?title=Stephen_J._Kobrin&action=edit&redlink=1" class="new" title="Stephen J. Kobrin (page does not exist)">Stephen J. Kobrin</a> states that </p><blockquote><p>“During the interwar period and through the 1950s, international petroleum was a very tight <a href="/wiki/Oligopoly" title="Oligopoly">oligopoly</a> dominated by <a href="/wiki/Seven_Sisters_(oil_companies)" class="mw-redirect" title="Seven Sisters (oil companies)">seven major international oil companies</a> (<a href="/wiki/Exxon" class="mw-redirect" title="Exxon">Exxon</a>, Shell, <a href="/wiki/BP" title="BP">BP</a>, <a href="/wiki/Gulf_Oil" title="Gulf Oil">Gulf</a>, <a href="/wiki/Texaco" title="Texaco">Texaco</a>, <a href="/wiki/Mobil" title="Mobil">Mobil</a> and <a href="/wiki/Chevron_Corporation" title="Chevron Corporation">Chevron</a>—as they are known today). However, between 1953 and 1972 more than three hundred private firms and fifty state-owned firms entered the industry, drawn by the explosion in oil consumption and substantially diminished barriers to entry.”<sup id="cite_ref-DaaEoON_8-4" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>The new, independent companies disturbed the equilibrium between the major companies and the producing countries. Countries became aware of their options as these companies offered better agreement terms.<sup id="cite_ref-DaaEoON_8-5" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Changes_in_supply_and_demand">Changes in supply and demand</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=11" title="Edit section: Changes in supply and demand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The shortage of oil in the 1970s increased the value of oil from previous decades. The bargaining power of producing countries increased as both the country governments and the oil companies became increasingly concerned about the continued access to crude oil.<sup id="cite_ref-DaaEoON_8-6" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Diffusion_of_ideas_between_oil-producing_countries">Diffusion of ideas between oil-producing countries</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=12" title="Edit section: Diffusion of ideas between oil-producing countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Rogers defines diffusion as, “the process by which (1) an <a href="/wiki/Innovation" title="Innovation">innovation</a> (2) is communicated through certain channels (3) over time (4) among members of a social system.”<sup id="cite_ref-DaaEoON_8-7" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Innovations may consist of <a href="/wiki/Technology" title="Technology">technology</a>, <a href="/wiki/Philosophy" title="Philosophy">philosophy</a>, or <a href="/wiki/Managerial" class="mw-redirect" title="Managerial">managerial</a> techniques. Examples of communication channels include the <a href="/wiki/Mass_media" title="Mass media">mass media</a>, organizations such as <a href="/wiki/OPEC" title="OPEC">OPEC</a> or the <a href="/wiki/U.N." class="mw-redirect" title="U.N.">U.N.</a>, or <a href="/wiki/Educational_institutions" class="mw-redirect" title="Educational institutions">educational institutions</a>. Due to diffusion, attempts at oil nationalization from producing countries, and whether or not these attempts were successful, affected decisions to nationalize oil supplies.<sup id="cite_ref-DaaEoON_8-8" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Two attempts of nationalization that had clear inhibiting effects on other producing countries were the nationalizations of Mexico in 1938 and of Iran in 1951, which occurred prior to the important structural change in the oil industry. The Mexican nationalization proved that although it was possible to accomplish nationalization, it came at the cost of <a href="/wiki/Isolationism" title="Isolationism">isolation</a> from the international industry, which was dominated by the major companies at the time. The Iranian nationalization also failed due to the lack of <a href="/wiki/Cooperation" title="Cooperation">cooperation</a> with international oil companies. These two incidences proved to other oil-producing countries that, until the structure of the oil industry changed to rely less upon international oil companies, any attempts to nationalize would be a great risk and would likely be unsuccessful.<sup id="cite_ref-DaaEoON_8-9" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Once the oil industry structure changed, oil-producing countries were more likely to succeed in nationalizing their oil supplies. The development of <a href="/wiki/OPEC" title="OPEC">OPEC</a> provided the medium in which producing countries could communicate and diffusion could occur rapidly.<sup id="cite_ref-DaaEoON_8-10" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p> The first country to successfully nationalize after the structural change of the industry was <a href="/wiki/Algeria" title="Algeria">Algeria</a>, which nationalized 51% of the <a href="/wiki/France" title="France">French</a> companies only ten days after the <a href="/wiki/1971_world_oil_market_chronology" class="mw-redirect" title="1971 world oil market chronology">1971 Tehran agreement</a> and later was able to nationalize 100% of their companies. The <a href="/wiki/Nationalization_of_oil_in_Algeria" title="Nationalization of oil in Algeria">nationalization of Algerian oil</a> influenced Libya to nationalize British Petroleum in 1971 and the rest of its foreign companies by 1974. A <a href="/wiki/Ripple_effect" title="Ripple effect">ripple effect</a> quickly occurred, spreading first to the more-<a href="/wiki/Militant_(word)" class="mw-redirect" title="Militant (word)">militant</a> oil producers like <a href="/wiki/Iraq" title="Iraq">Iraq</a> and then followed by more-conservative oil producers like Saudi Arabia. <a href="/w/index.php?title=Stephen_J._Kobrin&action=edit&redlink=1" class="new" title="Stephen J. Kobrin (page does not exist)">Stephen J. Kobrin</a> states that </p><blockquote><p>“By 1976 virtually every other major producer in the mid-East, Africa, Asia, and Latin America had followed nationalizing at least some of its producers to gain either a share of participation or to take over the entire industry and employ the international companies on a contractual basis.”<sup id="cite_ref-DaaEoON_8-11" class="reference"><a href="#cite_note-DaaEoON-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading2"><h2 id="Implications_of_nationalization">Implications of nationalization</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=13" title="Edit section: Implications of nationalization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Vertical_integration_of_the_oil_industry_was_broken">Vertical integration of the oil industry was broken</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=14" title="Edit section: Vertical integration of the oil industry was broken"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Due to the overall instability of supply, oil became an instrument of foreign policy for oil-exporting countries.<sup id="cite_ref-ANPEoO_6-1" class="reference"><a href="#cite_note-ANPEoO-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Nationalization increased the stability in the oil markets and broke the <a href="/wiki/Vertical_integration" title="Vertical integration">vertical integration</a> within the system. Vertical integration was replaced with a dual system where OPEC countries controlled upstream activities such as the production and marketing of crude oil while oil companies controlled downstream activities such as transportation, refining, distribution, and sale of oil products.<sup id="cite_ref-OEaP_1-1" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Under the new dual structure, <a href="/wiki/OPEC" title="OPEC">OPEC</a> was neither vertically or horizontally integrated and was not able to take over the entire oil sector from the oil companies. The temporary fear of an oil shortage during the 1970s helped to hide this consequence. In addition, relations between producing countries of the <a href="/wiki/Persian_Gulf" title="Persian Gulf">Persian Gulf</a> and previous concessionary companies induced an “artificial” vertical integration. These relations included long-term contracts, discount of official prices, and phase-out clauses. Free markets started to become prevalent in 1981 after the trade in oil switched from being a sellers’ to a buyers’ market.<sup id="cite_ref-OEaP_1-2" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Oil_companies_lost_access_to_oil_supplies">Oil companies lost access to oil supplies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=15" title="Edit section: Oil companies lost access to oil supplies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to the <i>Energy Studies Review</i> the western world oil demand decreased 15% between the years 1973 and 1982. In the same time period the major oil companies went from a production in the crude oil market of 30 to 15.2 million <a href="/wiki/Barrel_(unit)#Oil_barrel" title="Barrel (unit)">barrels</a> (4.8 to 2.4 million <a href="/wiki/Cubic_metre" title="Cubic metre">cubic metres</a>), a decrease of nearly 50%. In this period, the production from reserves under their own control went from 25.5 to 6.7 million bbl (4.1 to 1.1 million m<sup>3</sup>), a decrease of 74%. As a result, important oil companies became important net buyers of crude oil after a long time of being vertically integrated sellers to their own refineries.<sup id="cite_ref-OEaP_1-3" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Change_in_the_horizontal_integration_of_the_oil_industry">Change in the horizontal integration of the oil industry</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=16" title="Edit section: Change in the horizontal integration of the oil industry"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The increase in oil prices of the 70s attracted non-OPEC producers—Norway, Mexico, Great Britain, Egypt, and some African and Asian countries—to explore within their country. In 1965, the <a href="/wiki/Herfindahl_index" class="mw-redirect" title="Herfindahl index">Herfindahl index</a> of <a href="/wiki/Horizontal_integration" title="Horizontal integration">horizontal integration</a> for the crude oil production industry was 1600 and the horizontal integration for the exploration industry was 1250. By 1986, it decreased to around 930 for the crude oil production industry and 600 for the exploration industry. This created a further destabilizing factor for OPEC.<sup id="cite_ref-OEaP_1-4" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Restructuring_of_the_refining_sector">Restructuring of the refining sector</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=17" title="Edit section: Restructuring of the refining sector"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The world refining capacity of the major oil companies in 1973 was 23.2 million barrels (3.69 million cubic metres) per day. However, by 1982, their world refining capacity had decreased to 14 million bbl (2.2 million m<sup>3</sup>) per day. This decrease was a result of their decreased access to the oil reserves of OPEC countries and, subsequently, the <a href="/wiki/Rationalization_(economics)" title="Rationalization (economics)">rationalization</a> of their world refining and distribution network to decrease their dependence on OPEC countries. The increase in the refining capacity of OPEC countries that wanted to sell not only crude oil but also refined products further reinforced this trend towards rationalization.<sup id="cite_ref-OEaP_1-5" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Change_in_the_spot_market">Change in the spot market</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=18" title="Edit section: Change in the spot market"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The nationalization of oil supplies and the emergence of the OPEC market caused the <a href="/wiki/Spot_market" title="Spot market">spot market</a> to change in both orientation and size. The spot market changed in orientation because it started to deal not only with crude oil but also with refined products. The spot market changed in size because as the OPEC market declined the number of spot market transactions increased.<sup id="cite_ref-OEaP_1-6" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The development of the spot market made oil prices volatile. The risks involving oil investment increased. To protect against these potential risks, parallel markets such as the <a href="/wiki/Forward_market" title="Forward market">forward market</a> developed. As these new markets developed, price control became more difficult for OPEC. In addition, oil was transformed from a <a href="/wiki/Strategic" class="mw-redirect" title="Strategic">strategic</a> product to a <a href="/wiki/Commodity" title="Commodity">commodity</a>.<sup id="cite_ref-OEaP_1-7" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Changes in the spot market favored <a href="/wiki/Competition" title="Competition">competition</a> and made it more difficult for <a href="/wiki/Oligopolistic" class="mw-redirect" title="Oligopolistic">oligopolistic</a> agreements. The development of many free markets impacted OPEC in two different ways: </p> <ol><li>A destabilizing effect occurred that made it easier for OPEC members not to respect their own quota if they did not want to.<sup id="cite_ref-OEaP_1-8" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></li> <li>A stabilizing effect occurred that provided an incentive for cooperation among OPEC members. Decreased prices due to free markets made it more profitable for OPEC countries to work together rather than to seek profit individually.<sup id="cite_ref-OEaP_1-9" class="reference"><a href="#cite_note-OEaP-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></li></ol> <div class="mw-heading mw-heading2"><h2 id="OPEC_countries">OPEC countries</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=19" title="Edit section: OPEC countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Algeria">Algeria</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=20" title="Edit section: Algeria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Currently, <a href="/wiki/Algeria" title="Algeria">Algeria</a> is one of the largest natural gas producers in what is known as the Arab World behind <a href="/wiki/Qatar" title="Qatar">Qatar</a> and <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabia</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Nationalization_of_oil_in_Algeria" title="Nationalization of oil in Algeria">Algeria's nationalization of oil and gas</a> came a mere nine years after the nation declared independence from colonial France which had ruled over the region for 130 years. Algeria joined <a href="/wiki/OPEC" title="OPEC">OPEC</a> in 1969 and fully nationalized its industry in 1971, but Algeria was taking steps to play a larger role in the oil industry profiting from their reserves in the Sahara in 1963. </p> <div class="mw-heading mw-heading3"><h3 id="Ecuador">Ecuador</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=21" title="Edit section: Ecuador"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Ecuador" title="Ecuador">Ecuador</a> has had one of the most volatile oil policies in the region, partly a reflection of the high political volatility in the country.<sup id="cite_ref-LACEA_11-0" class="reference"><a href="#cite_note-LACEA-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Petroecuador" title="Petroecuador">Petroecuador</a> accounts for over half of oil production, however, as a result of financial setbacks combined with a drop in oil price, private companies increased oil investments in Ecuador. In the early 1990s annual foreign investment in oil was below US$200 million, by the early 2000s it had surpassed US$1 billion (Campodónico, 2004).<sup id="cite_ref-LACEA_11-1" class="reference"><a href="#cite_note-LACEA-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Changes in political power led to an increase in government control over <a href="/wiki/Oil_extraction" class="mw-redirect" title="Oil extraction">oil extraction</a>. In particular, the election of President <a href="/wiki/Rafael_Correa" title="Rafael Correa">Rafael Correa</a>, on a resource-nationalism platform, prompted increases in government control and the approval of a <a href="/wiki/Windfall_profits_tax" class="mw-redirect" title="Windfall profits tax">windfall profits tax</a>.<sup id="cite_ref-LACEA_11-2" class="reference"><a href="#cite_note-LACEA-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Iran">Iran</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=22" title="Edit section: Iran"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Nationalization_of_the_Iranian_oil_industry" title="Nationalization of the Iranian oil industry">Nationalization of the Iranian oil industry</a></div> <p>Since its beginning, Iran's oil industry has experienced expansion and contraction. Rapid growth at the time of <a href="/wiki/World_War_I" title="World War I">World War I</a> declined soon after the start of <a href="/wiki/World_War_II" title="World War II">World War II</a>. Recovery began in 1943 with the reopening of supply routes to the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>. The oil was produced by what became the <a href="/wiki/Anglo-Iranian_Oil_Company" class="mw-redirect" title="Anglo-Iranian Oil Company">Anglo-Iranian Oil Company</a>, but political difficulties arose with the Iranian government in the <a href="/wiki/Postwar_period" class="mw-redirect" title="Postwar period">postwar period</a>.<sup id="cite_ref-IRAN_12-0" class="reference"><a href="#cite_note-IRAN-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Iran sought to rid itself of British political influence and the exploitation by AIOC. Negotiations between Anglo-Iranian Oil Company and the government failed and in 1951 the oil industry was nationalized. As a result of Britain's boycott and the <a href="/wiki/Abadan_Crisis" title="Abadan Crisis">Abadan Crisis</a>, Iranian production dropped to virtually zero. On British initiative the <a href="/wiki/CIA" class="mw-redirect" title="CIA">CIA</a> overthrew <a href="/wiki/Prime_Minister_of_Iran" title="Prime Minister of Iran">Prime Minister of Iran</a> <a href="/wiki/Mohammad_Mosaddegh" title="Mohammad Mosaddegh">Mosaddegh</a> in <a href="/wiki/1953_Iranian_coup_d%27%C3%A9tat" title="1953 Iranian coup d'état">Operation Ajax</a>. Formally the nationalization remained effective, but in practice a consortium of oil companies was allowed in under a by then standard 50/50 profit-sharing deal. </p><p>The whole process had left the British a major share in what had been their single most valuable foreign asset. It had stopped the democratic transition in Iran however, leaving its mark for decades to come. The coup is widely believed to have significantly contributed to the 1979 <a href="/wiki/Iranian_Revolution" class="mw-redirect" title="Iranian Revolution">Iranian Revolution</a> after which the oil industry would be nationalized again. </p> <div class="mw-heading mw-heading3"><h3 id="Iraq">Iraq</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=23" title="Edit section: Iraq"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The properties of the majors were nationalized totally in Iraq, in 1972.<sup id="cite_ref-IRAQ_13-0" class="reference"><a href="#cite_note-IRAQ-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Worldwide oil shortages in the 1970s forced major oil suppliers to look elsewhere for ways to acquire the resource. Under these circumstances, NOCs often came forward as alternative suppliers of oil.<sup id="cite_ref-IRAQ_13-1" class="reference"><a href="#cite_note-IRAQ-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Nationalization of the <a href="/wiki/Iraq_Petroleum_Company" title="Iraq Petroleum Company">Iraq Petroleum Company</a> (IPC) in 1972 after years of rancor, together with restrictions on oil liftings by all but one of the IPC's former partners, put Iraq at the forefront of direct marketing.<sup id="cite_ref-IRAQ_13-2" class="reference"><a href="#cite_note-IRAQ-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Iraq's oil production suffered major damage in the aftermath of the <a href="/wiki/Gulf_War" title="Gulf War">Gulf War</a>. In spite of United Nations sanctions, Iraq has been rebuilding war-damaged oil facilities and export terminals.<sup id="cite_ref-IRAN_12-1" class="reference"><a href="#cite_note-IRAN-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Iraq plans to increase its oil productive capacity to 4 million barrels (640 thousand cubic metres) per day in 2000 and 6 million bbl (950 thousand m<sup>3</sup>) per day in 2010.<sup id="cite_ref-IRAN_12-2" class="reference"><a href="#cite_note-IRAN-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Libya">Libya</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=24" title="Edit section: Libya"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Libya, in particular, sought out independent oil firms to develop its oilfields; in 1970, the Libyan government used its leverage to restructure radically the terms of its agreements with these independent companies, precipitating a rash of contract renegotiations throughout the oil-exporting world.<sup id="cite_ref-IRAQ_13-3" class="reference"><a href="#cite_note-IRAQ-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Nigeria">Nigeria</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=25" title="Edit section: Nigeria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The discovery of oil in <a href="/wiki/Nigeria" title="Nigeria">Nigeria</a> caused conflict within the state. The emergence of commercial oil production from the region in 1958 and thereafter raised the stakes and generated a struggle by the indigenes for control of the oil resources.<sup id="cite_ref-ORND_14-0" class="reference"><a href="#cite_note-ORND-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The northern <a href="/wiki/Hegemony" title="Hegemony">hegemony</a>, ruled by Hausa and Fulani, took a military <a href="/wiki/Dictatorship" title="Dictatorship">dictatorship</a> and seized control of oil production. To meet popular demands for cheaper food during the <a href="/wiki/Inflationary" class="mw-redirect" title="Inflationary">inflationary</a> period just after the <a href="/wiki/Civil_war" title="Civil war">civil war</a>, government created a new state corporation, the National Nigerian Supply Company (NNSC).<sup id="cite_ref-NIGERIA_15-0" class="reference"><a href="#cite_note-NIGERIA-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> While oil production proceeded, the region by the 1990s was one of the least developed and most poor.<sup id="cite_ref-ORND_14-1" class="reference"><a href="#cite_note-ORND-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The local communities responded with <a href="/wiki/Protests" class="mw-redirect" title="Protests">protests</a> and successful efforts to stop oil production in the area if they did not receive any benefit. By September 1999, about 50 Shell workers had been kidnapped and released.<sup id="cite_ref-ORND_14-2" class="reference"><a href="#cite_note-ORND-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Not only are the people of Nigeria affected, but the environment in the area is also affected by <a href="/wiki/Deforestation" title="Deforestation">deforestation</a> and improper <a href="/wiki/Waste_treatment" title="Waste treatment">waste treatment</a>. Nigerian oil production also faces problems with illegal trade of the refined product on the <a href="/wiki/Black_market" title="Black market">black market</a>. This is undertaken by authorized marketers in collusion with smuggling <a href="/wiki/Syndicates" class="mw-redirect" title="Syndicates">syndicates</a>.<sup id="cite_ref-ORND_14-3" class="reference"><a href="#cite_note-ORND-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Activities such as these severely affect the oil industries of both the state and <a href="/wiki/MNCs" class="mw-redirect" title="MNCs">MNCs</a>. Oil production deferments arising from community disturbances and sabotage was 45mm barrels in 2000 and 35mm barrels in 2001.<sup id="cite_ref-ORND_14-4" class="reference"><a href="#cite_note-ORND-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The state has not been a very effective means of controlling incursions such as these. The illegal oil economy in such a circumstance may continue to exist for a long time, albeit in curtailed and small scales.<sup id="cite_ref-ORND_14-5" class="reference"><a href="#cite_note-ORND-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Saudi_Arabia">Saudi Arabia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=26" title="Edit section: Saudi Arabia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By 1950, Saudi Arabia had become a very successful producing area, with an even greater undeveloped oil production potential. Because of favorable <a href="/wiki/Geological" class="mw-redirect" title="Geological">geological</a> conditions and the close proximity of oil fields to the coast, Saudi Arabia operations were low cost. American companies therefore heavily valued the oil. The joint concessionary company, <a href="/wiki/ARAMCO" class="mw-redirect" title="ARAMCO">ARAMCO</a>, agreed to the government's demand to use the introduced posted price as a way to calculate profits. Profit-sharing between ARAMCO and Saudi Arabia was established as a 50/50 split.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Eventually the Saudi government fully purchased Aramco in 1980 renaming it as Saudi Aramco.<sup id="cite_ref-TSoO_7-9" class="reference"><a href="#cite_note-TSoO-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Venezuela">Venezuela</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=27" title="Edit section: Venezuela"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Energy_policy_of_Venezuela" title="Energy policy of Venezuela">Energy policy of Venezuela</a></div> <p>In 1938, Venezuelan President <a href="/wiki/Eleazar_L%C3%B3pez_Contreras" title="Eleazar López Contreras">Eleazar López Contreras</a> enacted a new Hydrocarbons Law, which established the increase of royalties, as well as the increase of exploration and exploitation taxes. The State was also authorized to create companies or institutes for the development of the oil activity. On 13 March 1943, President <a href="/wiki/Isa%C3%ADas_Medina_Angarita" title="Isaías Medina Angarita">Isaías Medina Angarita</a> promulgated another Hydrocarbons Law, which established that from then on at least 10% of the crude oil had to be refined in Venezuela; the royalty or exploitation tax could not be less than 16.7%; the Venezuelan State received a 50% profit from oil exploitation and 12% of the income tax. New taxes were also established to prevent companies from maintaining idle fields. While the world was in the midst of <a href="/wiki/World_War_II" title="World War II">World War II</a>, Venezuela increased its oil production to supply the <a href="/wiki/Allies_of_World_War_II" title="Allies of World War II">Allies</a> with fuel, much of the oil was refined in the Caribbean islands. <a href="/wiki/1948_Venezuelan_coup_d%27%C3%A9tat" title="1948 Venezuelan coup d'état">Medina's government was overthrown by a coup</a> on 18 October 1945; <a href="/wiki/El_Trienio_Adeco" title="El Trienio Adeco">an interim government was installed</a>, which later gave way in 1948 to another democratically elected government presided by <a href="/wiki/R%C3%B3mulo_Gallegos" title="Rómulo Gallegos">Rómulo Gallegos</a>, during which the oil policy of "no more concessions" was promoted, which was also authored by the then Minister of Development of those two periods, <a href="/wiki/Juan_Pablo_P%C3%A9rez_Alfonzo" title="Juan Pablo Pérez Alfonzo">Juan Pablo Pérez Alfonzo</a>. Implementing a 50%-50% or fifty-fifty readjustment in 1948. <a href="/wiki/1948_Venezuelan_coup_d%27%C3%A9tat" title="1948 Venezuelan coup d'état">Gallegos' government was in turn deposed by a military coup d'état</a> later that year on 24 November.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> <a href="/wiki/1958_Venezuelan_coup_d%27%C3%A9tat" title="1958 Venezuelan coup d'état">Another coup 1958</a> brought an end to the <a href="/wiki/Marcos_P%C3%A9rez_Jim%C3%A9nez" title="Marcos Pérez Jiménez">military dictatorship</a> in the country.<sup id="cite_ref-THaSCoaNOI_4-9" class="reference"><a href="#cite_note-THaSCoaNOI-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The newly elected Minister of Mines and Hydrocarbons, Juan Pablo Pérez Alfonzo, acted to raise the <a href="/wiki/Income_tax" title="Income tax">income tax</a> on oil companies and introduced the key aspect of <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> to the oil trade.<sup id="cite_ref-LACEA_11-3" class="reference"><a href="#cite_note-LACEA-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>On 29 August 1975, during the tenure of President <a href="/wiki/Carlos_Andr%C3%A9s_P%C3%A9rez" title="Carlos Andrés Pérez">Carlos Andrés Pérez</a>, "Law that Reserves the Hydrocarbon Industry to the State" was enacted and the state-owned company <a href="/wiki/PDVSA" title="PDVSA">Petróleos de Venezuela</a> (PDVSA) was created to control all oil businesses in the Venezuelan territory. The law came into effect on 1 January 1976, as well as the nationalization of the oil industry with it, after which PDVSA began commercial operations.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Non-OPEC_countries">Non-OPEC countries</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=28" title="Edit section: Non-OPEC countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Argentina">Argentina</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=29" title="Edit section: Argentina"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Nationalization of oil resources in <a href="/wiki/Argentina" title="Argentina">Argentina</a> began in 1907, when upon the discovery of the nation's first sizable oil field near <a href="/wiki/Comodoro_Rivadavia" title="Comodoro Rivadavia">Comodoro Rivadavia</a>, President <a href="/wiki/Jos%C3%A9_Figueroa_Alcorta" title="José Figueroa Alcorta">José Figueroa Alcorta</a> declared the area around the oil field public property. <a href="/wiki/YPF" title="YPF">YPF</a>, the first oil company in the world established as a <a href="/wiki/State_enterprise" class="mw-redirect" title="State enterprise">state enterprise</a>, was established by President <a href="/wiki/Hip%C3%B3lito_Yrigoyen" title="Hipólito Yrigoyen">Hipólito Yrigoyen</a> and General <a href="/wiki/Enrique_Mosconi" title="Enrique Mosconi">Enrique Mosconi</a> in 1922. The nation's mineral resources were nationalized <i>in toto</i> with Article 40 of the <a href="/wiki/Argentine_Constitution_of_1949" title="Argentine Constitution of 1949">Argentine Constitution of 1949</a> promulgated by President <a href="/wiki/Juan_Per%C3%B3n" title="Juan Perón">Juan Perón</a>. The latter was abrogated in 1956, but oil and <a href="/wiki/Natural_gas" title="Natural gas">natural gas</a> were renationalized in 1958 during President <a href="/wiki/Arturo_Frondizi" title="Arturo Frondizi">Arturo Frondizi</a>'s self-described "<a href="/wiki/Oil_battle" title="Oil battle">oil battle</a>" for <a href="/wiki/Import_substitution_industrialization" title="Import substitution industrialization">self-sufficiency</a> in the staple, and private firms operated afterward via leases.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> YPF was privatized in 1993, and <a href="/wiki/Madrid" title="Madrid">Madrid</a>-based <a href="/wiki/Repsol" title="Repsol">Repsol</a> acquired a majority stake in 1999. Oil and gas production subsequently weakened while demand increased, and in 2011 Argentina recorded the first energy trade deficit since 1987.<sup id="cite_ref-info_20-0" class="reference"><a href="#cite_note-info-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>In April 2010, Argentina's president <a href="/wiki/Cristina_Fern%C3%A1ndez_de_Kirchner" title="Cristina Fernández de Kirchner">Cristina Fernández de Kirchner</a> introduced a bill on April 16, 2012, for the <a href="/wiki/Renationalization_of_YPF" title="Renationalization of YPF">expropriation of YPF</a>, the nation's largest energy firm. The state would purchase a 51% share, with the national government controlling 51% of this package and ten provincial governments receiving the remaining 49%.<sup id="cite_ref-yahoo_21-0" class="reference"><a href="#cite_note-yahoo-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries,<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> and declines in output at the firm represented 54% of the nation's lost oil production and 97% in the case of natural gas.<sup id="cite_ref-mundo_23-0" class="reference"><a href="#cite_note-mundo-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Market analysts and Repsol blamed the decline in exploration and production on government controls on exports and <a href="/wiki/Mineral_exploration" class="mw-redirect" title="Mineral exploration">prospecting leases</a>, as well as <a href="/wiki/Price_control" class="mw-redirect" title="Price control">price controls</a> on domestic oil and gas.<sup id="cite_ref-deal_24-0" class="reference"><a href="#cite_note-deal-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-debate_25-0" class="reference"><a href="#cite_note-debate-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> YPF increased its estimates of oil reserves in Argentina in 2012, but warned that government policies would have to change to allow investment in new production. The government announced instead that it would acquire a majority stake in YPF.<sup id="cite_ref-yahoo_21-1" class="reference"><a href="#cite_note-yahoo-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Argentine Economy Minister <a href="/wiki/Hern%C3%A1n_Lorenzino" title="Hernán Lorenzino">Hernán Lorenzino</a> claimed that <a href="/wiki/Asset_stripping" title="Asset stripping">asset stripping</a> at YPF had financed Repsol's expansion in other parts of the world,<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> while Repsol officials denied charges of underinvestment in its YPF operations.<sup id="cite_ref-debate_25-1" class="reference"><a href="#cite_note-debate-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>Argentine Deputy Economy Minister <a href="/wiki/Axel_Kicillof" title="Axel Kicillof">Axel Kicillof</a> rejected Repsol's initial demands for payment of US$10.5 billion for a controlling stake in YPF, citing debts of nearly US$9 billion.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Book_value" title="Book value">book value</a> of YPF was US$4.4 billion at the end of 2011;<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> its total <a href="/wiki/Market_capitalization" title="Market capitalization">market capitalization</a> on the day of the announcement was US$10.4 billion.<sup id="cite_ref-incensed_30-0" class="reference"><a href="#cite_note-incensed-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> The bill was overwhelmingly approved by both houses of <a href="/wiki/Argentine_Congress" class="mw-redirect" title="Argentine Congress">Congress</a>, and was signed by the president on May 5.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>The government of Argentina eventually agreed to pay $ billion compensation to Repsol, which had previously owned YPF.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=30" title="Edit section: Canada"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2010 Canada was the United States' leading oil supplier, exporting some 707,316,000 barrels (112,454,300 m<sup>3</sup>) of oil per year (1,937,852 barrels per day (308,093.8 m<sup>3</sup>/d)), 99 percent of its annual oil exports, according to the EIA.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> Following the OPEC oil embargo in the early 1970s, Canada took initiative to control its oil supplies. The result of these initiatives was <a href="/wiki/Petro-Canada" title="Petro-Canada">Petro-Canada</a>, a state-owned oil company. Petro-Canada put forth national goals including, increased domestic ownership of the industry, development of reserves not located in the western provinces, that is to say, the promotion of the Canada Lands in the north and offshore, better information about the petroleum industry, security of supply, decrease dependence on the large multinational oil corporations, especially the Big Four, and increase revenues flowing to the federal treasury from the oil and gas sector.<sup id="cite_ref-TNOO_34-0" class="reference"><a href="#cite_note-TNOO-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Petro-Canada was founded in 1975 as a federally-owned <a href="/wiki/Crown_corporations_of_Canada" class="mw-redirect" title="Crown corporations of Canada">crown corporation</a>, then privatized beginning in 1991. The provincial government of Ontario purchased a 25% stake in <a href="/wiki/Suncor_Energy" title="Suncor Energy">Suncor Energy</a> in 1981, then divested it in 1993. </p><p>Petro-Canada has been met with opposition mainly from <a href="/wiki/Alberta" title="Alberta">Alberta</a>, home to one of the main oil patches in Canada. After negotiating a royalty increase on oil and price increases for natural gas, Lougheed asserted Alberta's position as the centre of Canada's petroleum industry.<sup id="cite_ref-TNOO_34-1" class="reference"><a href="#cite_note-TNOO-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Alberta had since been the main source of oil in Canada since the 1970s. The clashing viewpoints of resource control has resulted in conflict over the direction of Canada's oil industry, and as a result, the vast majority of Canada's oil ownership and profits continue to lay in foreign hands.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Mexico">Mexico</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=31" title="Edit section: Mexico"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Mexican_oil_expropriation" title="Mexican oil expropriation">Mexican oil expropriation</a></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Update plainlinks metadata ambox ambox-content ambox-Update" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_current_red_Asia_Australia.svg/42px-Ambox_current_red_Asia_Australia.svg.png" decoding="async" width="42" height="34" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_current_red_Asia_Australia.svg/63px-Ambox_current_red_Asia_Australia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_current_red_Asia_Australia.svg/84px-Ambox_current_red_Asia_Australia.svg.png 2x" data-file-width="360" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section needs to be <b>updated</b>.<span class="hide-when-compact"> Please help update this article to reflect recent events or newly available information.</span> <span class="date-container"><i>(<span class="date">February 2018</span>)</i></span></div></td></tr></tbody></table> <p><a href="/wiki/Mexico" title="Mexico">Mexico</a> nationalized its oil industry in 1938, and has never <a href="/wiki/Privatization" title="Privatization">privatized</a>, restricting <a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">foreign investment</a>. Important reserve additions in the 1970s allowed a significant increase in production and exports, financed by the high oil prices.<sup id="cite_ref-LACEA_11-4" class="reference"><a href="#cite_note-LACEA-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Despite producing more oil than any other country in <a href="/wiki/Latin_America" title="Latin America">Latin America</a>, oil does not carry a relevant proportion of Mexico's exports. Since the giant <a href="/wiki/Cantarell_Field" title="Cantarell Field">Cantarell Field</a> in Mexico is now in decline, the state oil company <a href="/wiki/Pemex" title="Pemex">Pemex</a> has faced intense political opposition to opening up the country's oil and gas sector to foreign participation. The lack of financial autonomy has limited Pemex's own investment capacity, inducing the company to become highly indebted and to use an out of budget mechanism of deferred payment of projects (PIDIREGAS) to finance the expansion of production.<sup id="cite_ref-LACEA_11-5" class="reference"><a href="#cite_note-LACEA-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Some feel that the state oil company Pemex does not have the capacity to develop deep water assets by itself, but needs to do so if it is to stem the decline in the country's crude production.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Russia">Russia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=32" title="Edit section: Russia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since Putin assumed the Russian Presidency in January 2000, there has been what amounts to a creeping re-nationalization of the Russian oil industry.<sup id="cite_ref-RUSSIA_37-0" class="reference"><a href="#cite_note-RUSSIA-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> In <a href="/wiki/Russia" title="Russia">Russia</a>, <a href="/wiki/Vladimir_Putin" title="Vladimir Putin">Vladimir Putin</a>'s government has pressured <a href="/wiki/Royal_Dutch_Shell" class="mw-redirect" title="Royal Dutch Shell">Royal Dutch Shell</a> to hand over control of one major project on <a href="/wiki/Sakhalin" title="Sakhalin">Sakhalin</a> Island, to the publicly traded company <a href="/wiki/Gazprom" title="Gazprom">Gazprom</a> in December. The founder of formerly private <a href="/wiki/Yukos" title="Yukos">Yukos</a> has also been jailed, and the company absorbed by state-owned <a href="/wiki/Rosneft" title="Rosneft">Rosneft</a>.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Such moves strain the confidence of international oil companies in forming partnerships with Russia.<sup id="cite_ref-CSM2007_39-0" class="reference"><a href="#cite_note-CSM2007-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> Russia has taken notice of their increasing foreign oil investment improving politics with other countries, especially former states of the <a href="/wiki/Soviet_Union" title="Soviet Union">Soviet Union</a>. Oil industry in Russia is one of the top producers in the world, however, the proven reserves in Russia are not as prevalent as in other areas. Furthermore, previously accessible oil fields have been lost since the <a href="/wiki/Cold_War" title="Cold War">Cold War</a>. With the collapse of the USSR, Russia has lost the rich Caspian Basin off-shore and on-shore oil fields in the Central Asian states and <a href="/wiki/Azerbaijan" title="Azerbaijan">Azerbaijan</a>.<sup id="cite_ref-RUSSIA_37-1" class="reference"><a href="#cite_note-RUSSIA-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=33" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Economic_nationalism" title="Economic nationalism">Economic nationalism</a></li> <li><a href="/wiki/Energy_security" title="Energy security">Energy security</a></li> <li><a href="/wiki/Energy_security_and_renewable_technology" title="Energy security and renewable technology">Energy security and renewable technology</a></li> <li><a href="/wiki/Peak_oil" title="Peak oil">Peak oil</a></li> <li><a href="/wiki/United_States_energy_independence" title="United States energy independence">United States energy independence</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nationalization_of_oil_supplies&action=edit&section=34" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-OEaP-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-OEaP_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-OEaP_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-OEaP_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-OEaP_1-3"><sup><i><b>d</b></i></sup></a> <a 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a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFAyoub1994" class="citation journal cs1">Ayoub, Antoine (1994). <a rel="nofollow" class="external text" href="https://doi.org/10.15173%2Fesr.v6i1.321">"Oil: Economics and Political"</a>. <i>Energy Studies Review</i>. <b>6</b> (1). 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Stanford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0804709859" title="Special:BookSources/978-0804709859"><bdi>978-0804709859</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Oil+and+Nationalism+in+Argentina&rft.pub=Stanford+University+Press&rft.date=1979&rft.isbn=978-0804709859&rft.au=Solberg%2C+Carl&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Foilnationalismin0000solb&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-info-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-info_20-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.infonews.com/2012/04/16/politica-18075-cristina-presento-un-proyecto-para-la-expropiacion-de-las-acciones-de-ypf.php">"Cristina presentó un proyecto para la "expropiación" de las acciones de YPF"</a>. <i>Info News</i> (in Spanish). 16 April 2012<span class="reference-accessdate">. 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Retrieved <span class="nowrap">22 April</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Yahoo%21+News&rft.atitle=Energy+crisis+provokes+Argentine+YPF+expropriation&rft.date=2012-04-22&rft_id=https%3A%2F%2Fnews.yahoo.com%2Fenergy-crisis-provokes-argentine-ypf-expropriation-155636784.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.pagina12.com.ar/diario/suplementos/cash/17-5831-2012-03-04.html">"Cash"</a>. <i>Página/12</i> (in Spanish). 4 March 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=P%C3%A1gina%2F12&rft.atitle=Cash&rft.date=2012-03-04&rft_id=http%3A%2F%2Fwww.pagina12.com.ar%2Fdiario%2Fsuplementos%2Fcash%2F17-5831-2012-03-04.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-mundo-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-mundo_23-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.elmundo.es/america/2012/04/16/argentina/1334600261.html">"El proyecto para nacionalizar YPF"</a>. <i>El Mundo</i> (in Spanish). 16 April 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">20 April</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=El+Mundo&rft.atitle=El+proyecto+para+nacionalizar+YPF&rft.date=2012-04-16&rft_id=http%3A%2F%2Fwww.elmundo.es%2Famerica%2F2012%2F04%2F16%2Fargentina%2F1334600261.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-deal-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-deal_24-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120427020042/http://www.thedeal.com/content/energy/ypf-expropriation-endorsed-by-argentine-senate.php#ixzz1tY5a5QSr">"YPF expropriation endorsed by Argentine Senate"</a>. <i>The Deal Pipeline</i>. 26 April 2012. 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Retrieved <span class="nowrap">2 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Argentine+lower+house+starts+YPF+takeover+debate&rft.date=2012-04-22&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-argentina-ypf-idUSBRE8411D620120502&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/blogs/americasview/2012/04/argentinas-oil-industry">"Argentina's oil industry: Feed me, Seymour"</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. 2012-04-16<span class="reference-accessdate">. Retrieved <span class="nowrap">22 April</span> 2012</span>. <q>Repsol says that the real cause of Argentina's declining energy trade balance is its maze of price controls and subsidies, which makes investment unprofitable and encourages excess consumption. Most independent energy analysts agree with this analysis.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Argentina%27s+oil+industry%3A+Feed+me%2C+Seymour&rft.date=2012-04-16&rft_id=https%3A%2F%2Fwww.economist.com%2Fblogs%2Famericasview%2F2012%2F04%2Fargentinas-oil-industry&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.ambito.com/noticia.asp?id=633578">"Repsol vació YPF para su expansión en otros países"</a>. <i>Ámbito Financiero</i> (in Spanish). 19 April 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=%C3%81mbito+Financiero&rft.atitle=Repsol+vaci%C3%B3+YPF+para+su+expansi%C3%B3n+en+otros+pa%C3%ADses&rft.date=2012-04-19&rft_id=http%3A%2F%2Fwww.ambito.com%2Fnoticia.asp%3Fid%3D633578&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.clarin.com/politica/Kicillof-directivos-Repsol-ocultaban-petrolera_0_683931808.html">"Kicillof advirtió: No vamos a pagar lo que Repsol quiera"</a>. <i>Clarín</i> (in Spanish). 17 April 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">20 April</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Clar%C3%ADn&rft.atitle=Kicillof+advirti%C3%B3%3A+No+vamos+a+pagar+lo+que+Repsol+quiera&rft.date=2012-04-17&rft_id=http%3A%2F%2Fwww.clarin.com%2Fpolitica%2FKicillof-directivos-Repsol-ocultaban-petrolera_0_683931808.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120620133744/http://www.ypf.com/InversoresAccionistas/InfoEconomicoFinanciera/YPF%20Estados%20Contables/Estados%20Contables%20al%2031%20de%20Diciembre%20de%202011.pdf">"Estados Contables al 31 de Diciembre de 2011"</a> <span class="cs1-format">(PDF)</span> (in Spanish). YPF. Archived from <a rel="nofollow" class="external text" href="http://www.ypf.com/InversoresAccionistas/InfoEconomicoFinanciera/YPF%20Estados%20Contables/Estados%20Contables%20al%2031%20de%20Diciembre%20de%202011.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2012-06-20.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Estados+Contables+al+31+de+Diciembre+de+2011&rft.pub=YPF&rft_id=http%3A%2F%2Fwww.ypf.com%2FInversoresAccionistas%2FInfoEconomicoFinanciera%2FYPF%2520Estados%2520Contables%2FEstados%2520Contables%2520al%252031%2520de%2520Diciembre%2520de%25202011.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANationalization+of+oil+supplies" class="Z3988"></span></span> </li> <li id="cite_note-incensed-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-incensed_30-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTracy_Rucinski_and_Julien_Toyer2012" class="citation news cs1">Tracy Rucinski and Julien Toyer (17 April 2012). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/spain-argentina-ypf-idUSL2E8FHD9420120417">"Incensed Spain threatens Argentina after YPF seizure"</a>. Reuters<span class="reference-accessdate">. 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href="/wiki/Rimini_protocol" title="Rimini protocol">Rimini protocol</a></li> <li><a href="/wiki/Simple_living" title="Simple living">Simple living</a></li> <li><a href="/wiki/Swing_producer" title="Swing producer">Swing producer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Albert_Allen_Bartlett" title="Albert Allen Bartlett">Albert Allen Bartlett</a></li> <li><a href="/wiki/Colin_Campbell_(geologist)" title="Colin Campbell (geologist)">Colin J. Campbell</a></li> <li><a href="/wiki/Kenneth_S._Deffeyes" title="Kenneth S. Deffeyes">Kenneth S. Deffeyes</a></li> <li><a href="/wiki/David_Goodstein" title="David Goodstein">David Goodstein</a></li> <li><a href="/wiki/John_Michael_Greer" title="John Michael Greer">John Michael Greer</a></li> <li><a href="/wiki/Richard_Heinberg" title="Richard Heinberg">Richard Heinberg</a></li> <li><a href="/wiki/M._King_Hubbert" title="M. King Hubbert">M. King Hubbert</a></li> <li><a href="/wiki/James_Howard_Kunstler" title="James Howard Kunstler">James Howard Kunstler</a></li> <li><a href="/wiki/Jean_Laherr%C3%A8re" title="Jean Laherrère">Jean Laherrère</a></li> <li><a href="/wiki/Jeremy_Leggett" title="Jeremy Leggett">Jeremy Leggett</a></li> <li><a href="/wiki/Dale_Allen_Pfeiffer" title="Dale Allen Pfeiffer">Dale Allen Pfeiffer</a></li> <li><a href="/wiki/Richard_Rainwater" title="Richard Rainwater">Richard Rainwater</a></li> <li><a href="/wiki/Michael_Ruppert" title="Michael Ruppert">Michael Ruppert</a></li> <li><a href="/wiki/Matthew_Simmons" title="Matthew Simmons">Matthew Simmons</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Books</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/The_Limits_to_Growth" title="The Limits to Growth">The Limits to Growth</a></i></li> <li><i><a href="/wiki/Beyond_Oil" title="Beyond Oil">Beyond Oil</a></i></li> <li><i><a href="/wiki/The_End_of_Oil" title="The End of Oil">The End of Oil</a></i></li> <li><i><a href="/wiki/The_Long_Emergency" title="The Long Emergency">The Long Emergency</a></i></li> <li><i><a href="/wiki/Out_of_Gas:_The_End_of_the_Age_of_Oil" title="Out of Gas: The End of the Age of Oil">Out of Gas</a></i></li> <li><i><a href="/wiki/The_Party%27s_Over:_Oil,_War,_and_the_Fate_of_Industrial_Societies" title="The Party's Over: Oil, War, and the Fate of Industrial Societies">The Party's Over</a></i></li> <li><i><a href="/wiki/Power_Down:_Options_and_Actions_for_a_Post-Carbon_World" class="mw-redirect" title="Power Down: Options and Actions for a Post-Carbon World">Power Down</a></i></li> <li><i><a href="/wiki/Twilight_in_the_Desert" title="Twilight in the Desert">Twilight in the Desert</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Documentary films</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/A_Crude_Awakening:_The_Oil_Crash" title="A Crude Awakening: The Oil Crash">A Crude Awakening: The Oil Crash</a></i></li> <li><a href="/wiki/Collapse_(film)" title="Collapse (film)"><i>Collapse</i></a></li> <li><a href="/wiki/Crude_(2007_film)" title="Crude (2007 film)"><i>Crude</i></a></li> <li><i><a href="/wiki/The_End_of_Suburbia" title="The End of Suburbia">The End of Suburbia</a></i></li> <li><i><a href="/wiki/Escape_from_Suburbia" title="Escape from Suburbia">Escape from Suburbia</a></i></li> <li><a href="/wiki/Fuel_(film)" title="Fuel (film)"><i>Fuel</i></a></li> <li><i><a href="/wiki/GasHole" title="GasHole">GasHole</a></i></li> <li><i><a href="/wiki/The_Oil_Factor" title="The Oil Factor">The Oil Factor</a></i></li> <li><i><a href="/wiki/PetroApocalypse_Now%3F" title="PetroApocalypse Now?">PetroApocalypse Now?</a></i></li> <li><i><a href="/wiki/The_Power_of_Community:_How_Cuba_Survived_Peak_Oil" title="The Power of Community: How Cuba Survived Peak Oil">The Power of Community: How Cuba Survived Peak Oil</a></i></li> <li><i><a href="/wiki/What_a_Way_to_Go:_Life_at_the_End_of_Empire" title="What a Way to Go: Life at the End of Empire">What a Way to Go: Life at the End of Empire</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Organizations</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Energy_Watch_Group" title="Energy Watch Group">Energy Watch Group</a></li> <li><a href="/wiki/International_Energy_Agency" title="International Energy Agency">International Energy Agency</a></li> <li><a href="/wiki/International_Renewable_Energy_Agency" title="International Renewable Energy Agency">International Renewable Energy Agency</a></li> <li><a href="/wiki/Oil_Depletion_Analysis_Centre" title="Oil Depletion Analysis Centre">Oil Depletion Analysis Centre</a></li> <li><a href="/wiki/The_Oil_Drum" title="The Oil Drum">The Oil Drum</a></li> <li><a href="/wiki/OPEC" title="OPEC">OPEC</a></li> <li><a href="/wiki/Organization_of_Arab_Petroleum_Exporting_Countries" title="Organization of Arab Petroleum Exporting Countries">Organization of Arab Petroleum Exporting Countries</a></li> <li><a href="/wiki/Post_Carbon_Institute" title="Post Carbon Institute">Post Carbon Institute</a></li> <li><a href="/wiki/REN21" title="REN21">REN21</a></li> <li><a href="/wiki/Transition_town" title="Transition town">Transition town</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other peaks</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Peak_car" title="Peak car">Car</a></li> <li><a href="/wiki/Peak_coal" title="Peak coal">Coal</a></li> <li><a href="/wiki/Peak_copper" class="mw-redirect" title="Peak copper">Copper</a></li> <li><a href="/wiki/Food_security" title="Food security">Food</a></li> <li><a href="/wiki/Peak_gas" title="Peak gas">Gas</a></li> <li><a href="/wiki/Peak_gold" class="mw-redirect" title="Peak gold">Gold</a></li> <li><a href="/wiki/Peak_minerals" title="Peak minerals">Minerals</a></li> <li><a href="/wiki/Peak_phosphorus" class="mw-redirect" title="Peak phosphorus">Phosphorus</a></li> <li><a href="/wiki/Peak_soil" class="mw-redirect" title="Peak soil">Soil</a></li> <li><a href="/wiki/Peak_water" title="Peak water">Water</a></li> <li><a href="/wiki/Peak_wheat" title="Peak wheat">Wheat</a></li> <li><a href="/wiki/Peak_wood" class="mw-redirect" title="Peak wood">Wood</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Petroleum_industry" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Petroleum_industry" title="Template:Petroleum industry"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Petroleum_industry" title="Template talk:Petroleum industry"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Petroleum_industry" title="Special:EditPage/Template:Petroleum industry"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Petroleum_industry" style="font-size:114%;margin:0 4em"><a href="/wiki/Petroleum_industry" title="Petroleum industry">Petroleum industry</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Petroleum" title="Petroleum">Petroleum</a></li> <li><a href="/wiki/Primary_energy" title="Primary energy">Primary energy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/Benchmark_(crude_oil)" title="Benchmark (crude oil)">Benchmarks</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Argus_Sour_Crude_Index" title="Argus Sour Crude Index">Argus Sour</a></li> <li><a href="/wiki/Bonny_Light_oil" title="Bonny Light oil">Bonny Light</a></li> <li><a href="/wiki/Brent_Crude" title="Brent Crude">Brent</a></li> <li><a href="/wiki/Dubai_Crude" title="Dubai Crude">Dubai</a></li> <li><a href="/wiki/Indian_Basket" title="Indian Basket">Indian Basket</a></li> <li><a href="/wiki/Indonesian_Crude_Price" title="Indonesian Crude Price">Indonesian</a></li> <li><a href="/wiki/Isthmus-34_Light" title="Isthmus-34 Light">Isthmus-34 Light</a></li> <li><a href="/wiki/Japan_Crude_Cocktail" title="Japan Crude Cocktail">Japan Cocktail</a></li> <li><a href="/wiki/OPEC_Reference_Basket" title="OPEC Reference Basket">OPEC Reference Basket</a></li> <li><a href="/wiki/Tapis_crude" title="Tapis crude">Tapis</a></li> <li><a href="/wiki/Urals_oil" title="Urals oil">Urals</a></li> <li><a href="/wiki/West_Texas_Intermediate" title="West Texas Intermediate">West Texas Intermediate</a></li> <li><a href="/wiki/Western_Canadian_Select" title="Western Canadian Select">Western Canadian Select</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Data</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;">Natural gas</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_countries_by_natural_gas_consumption" title="List of countries by natural gas consumption">Consumption</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_production" title="List of countries by natural gas production">Production</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_proven_reserves" title="List of countries by natural gas proven reserves">Reserves</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_imports" title="List of countries by natural gas imports">Imports</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_exports" title="List of countries by natural gas exports">Exports</a></li> <li><a href="/wiki/Natural_gas_prices" title="Natural gas prices">Price</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;">Petroleum</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_countries_by_oil_consumption" title="List of countries by oil consumption">Consumption</a></li> <li><a href="/wiki/List_of_countries_by_oil_production" title="List of countries by oil production">Production</a></li> <li><a href="/wiki/List_of_countries_by_proven_oil_reserves" title="List of countries by proven oil reserves">Reserves</a></li> <li><a href="/wiki/List_of_countries_by_oil_imports" title="List of countries by oil imports">Imports</a></li> <li><a href="/wiki/List_of_countries_by_oil_exports" title="List of countries by oil exports">Exports</a></li> <li><a href="/wiki/Posted_oil_price" title="Posted oil price">Posted oil price</a></li> <li><a href="/wiki/Price_of_oil" title="Price of oil">Price</a> <ul><li><a href="/wiki/Gasoline_and_diesel_usage_and_pricing" title="Gasoline and diesel usage and pricing">of gasoline and diesel</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/Hydrocarbon_exploration" title="Hydrocarbon exploration">Exploration</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Core_sample" title="Core sample">Core sampling</a></li> <li><a href="/wiki/Exploration_geophysics" title="Exploration geophysics">Geophysics</a></li> <li><a href="/wiki/Integrated_asset_modelling" title="Integrated asset modelling">Integrated asset modelling</a></li> <li><a href="/wiki/Petroleum_engineering" title="Petroleum engineering">Petroleum engineering</a> <ul><li><a href="/wiki/Reservoir_simulation" title="Reservoir simulation">Reservoir simulation</a></li> <li><a href="/wiki/Reservoir_modeling" title="Reservoir modeling">Reservoir modeling</a></li></ul></li> <li><a href="/wiki/Petroleum_geology" title="Petroleum geology">Petroleum geology</a></li> <li><a href="/wiki/Petrophysics" title="Petrophysics">Petrophysics</a></li> <li><a href="/wiki/Reflection_seismology" title="Reflection seismology">Reflection seismology</a> <ul><li><a href="/wiki/Seismic_inversion" title="Seismic inversion">Seismic inversion</a></li></ul></li> <li><a href="/wiki/Seismic_source" title="Seismic source">Seismic source</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/Oil_well" title="Oil well">Drilling</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Blowout_(well_drilling)" title="Blowout (well drilling)">Blowout</a></li> <li><a href="/wiki/Completion_(oil_and_gas_wells)" title="Completion (oil and gas wells)">Completion</a> <ul><li><a href="/wiki/Squeeze_job" title="Squeeze job">Squeeze job</a></li></ul></li> <li><a href="/wiki/Differential_sticking" title="Differential sticking">Differential sticking</a></li> <li><a href="/wiki/Directional_drilling" title="Directional drilling">Directional drilling</a> <ul><li><a href="/wiki/Geosteering" title="Geosteering">Geosteering</a></li></ul></li> <li><a href="/wiki/Drill_stem_test" title="Drill stem test">Drill stem test</a></li> <li><a href="/wiki/Drilling_engineering" title="Drilling engineering">Drilling engineering</a></li> <li><a href="/wiki/Drilling_fluid" title="Drilling fluid">Drilling fluid</a> <ul><li><a href="/wiki/Drilling_fluid_invasion" title="Drilling fluid invasion">invasion</a></li></ul></li> <li><a href="/wiki/Lost_circulation" title="Lost circulation">Lost circulation</a></li> <li><a href="/wiki/Measurement_while_drilling" title="Measurement while drilling">Measurement</a></li> <li><a href="/wiki/Shale_oil_extraction" title="Shale oil extraction">Shale oil extraction</a> <ul><li><a href="/wiki/Fredrik_Ljungstr%C3%B6m#Shale_oil_extraction" title="Fredrik Ljungström">Ljungström method</a></li></ul></li> <li><a href="/wiki/Tracer_use_in_the_oil_industry" title="Tracer use in the oil industry">Tracers</a></li> <li><a href="/wiki/Underbalanced_drilling" title="Underbalanced drilling">Underbalanced drilling</a></li> <li><a href="/wiki/Well_logging" title="Well logging">Well logging</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/Extraction_of_petroleum" title="Extraction of petroleum">Production</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Petroleum_fiscal_regime" title="Petroleum fiscal regime">Petroleum fiscal regime</a> <ul><li><a href="/wiki/Petroleum_licensing" title="Petroleum licensing">Concessions</a></li> <li><a href="/wiki/Production_sharing_agreement" title="Production sharing agreement">Production sharing agreements</a></li></ul></li> <li><a href="/wiki/Artificial_lift" title="Artificial lift">Artificial lift</a> <ul><li><a href="/wiki/Gas_lift" title="Gas lift">Gas lift</a></li> <li><a href="/wiki/Pumpjack" title="Pumpjack">Pumpjack</a></li> <li><a href="/wiki/Submersible_pump" title="Submersible pump">Submersible pump (ESP)</a></li></ul></li> <li><a href="/wiki/Downstream_(petroleum_industry)" title="Downstream (petroleum industry)">Downstream</a></li> <li><a href="/wiki/Enhanced_oil_recovery" title="Enhanced oil recovery">Enhanced oil recovery (EOR)</a> <ul><li><a href="/wiki/Gas_reinjection" title="Gas reinjection">Gas reinjection</a></li> <li><a href="/wiki/Steam_injection_(oil_industry)" title="Steam injection (oil industry)">Steam injection</a></li></ul></li> <li><a href="/wiki/Midstream" title="Midstream">Midstream</a></li> <li><a href="/wiki/Petroleum_product" title="Petroleum product">Petroleum product</a></li> <li><a href="/wiki/Pipeline" title="Pipeline">Pipeline</a></li> <li><a href="/wiki/Oil_refinery" title="Oil refinery">Refining</a></li> <li><a href="/wiki/Upstream_(petroleum_industry)" title="Upstream (petroleum industry)">Upstream</a></li> <li><a href="/wiki/Water_injection_(oil_production)" title="Water injection (oil production)">Water injection</a></li> <li><a href="/wiki/Well_intervention" title="Well intervention">Well intervention</a></li> <li><a href="/wiki/Christmas_tree_(oil_well)" title="Christmas tree (oil well)">XT</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/History_of_the_petroleum_industry" title="History of the petroleum industry">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1967_Oil_Embargo" title="1967 Oil Embargo">1967 Oil Embargo</a></li> <li><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></li> <li><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></li> <li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/1990_oil_price_shock" title="1990 oil price shock">1990 oil price shock</a></li> <li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a></li> <li><a href="/wiki/2010s_oil_glut" title="2010s oil glut">2010s oil glut</a></li> <li><a href="/wiki/2020_Russia%E2%80%93Saudi_Arabia_oil_price_war" title="2020 Russia–Saudi Arabia oil price war">2020 Russia–Saudi Arabia oil price war</a></li> <li><a class="mw-selflink selflink">Nationalization</a></li> <li><a href="/wiki/Gas_Exporting_Countries_Forum" title="Gas Exporting Countries Forum">GECF</a></li> <li><a href="/wiki/OPEC" title="OPEC">OPEC</a></li> <li><a href="/wiki/Seven_Sisters_(oil_companies)" class="mw-redirect" title="Seven Sisters (oil companies)">Seven Sisters</a></li> <li><a href="/wiki/Standard_Oil" title="Standard Oil">Standard Oil</a></li> <li><a href="/wiki/History_of_the_petroleum_industry_in_Canada" title="History of the petroleum industry in Canada">Canada</a></li> <li><a href="/wiki/History_of_the_petroleum_industry_in_France" title="History of the petroleum industry in France">France</a></li> <li><a href="/wiki/History_of_the_oil_industry_in_India" title="History of the oil industry in India">India</a></li> <li><a href="/wiki/Petroleum_industry_in_Iraq" title="Petroleum industry in Iraq">Iraq</a></li> <li><a href="/wiki/History_of_the_petroleum_industry_in_Norway" title="History of the petroleum industry in Norway">Norway</a></li> <li><a href="/wiki/History_of_the_oil_industry_in_Saudi_Arabia" title="History of the oil industry in Saudi Arabia">Saudi Arabia</a></li> <li><a href="/wiki/History_of_the_petroleum_industry_in_the_United_States" title="History of the petroleum industry in the United States">United States</a></li> <li><a href="/wiki/History_of_the_Venezuelan_oil_industry" title="History of the Venezuelan oil industry">Venezuela</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Provinces<br />and fields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_natural_gas_fields" title="List of natural gas fields">List of natural gas fields</a></li> <li><a href="/wiki/List_of_oil_fields" title="List of oil fields">List of oil fields</a></li> <li><a href="/wiki/Caspian_Sea" title="Caspian Sea">Caspian Sea</a></li> <li><a href="/wiki/East_Midlands_Oil_Province" title="East Midlands Oil Province">East Midlands Oil Province</a></li> <li><a href="/wiki/East_Texas_Oil_Field" title="East Texas Oil Field">East Texas</a></li> <li><a href="/wiki/Gulf_of_Mexico" title="Gulf of Mexico">Gulf of Mexico</a></li> <li><a href="/wiki/Niger_Delta#Nigerian_oil" title="Niger Delta">Niger Delta</a></li> <li><a href="/wiki/North_Sea_oil" title="North Sea oil">North Sea</a></li> <li><a href="/wiki/Permian_Basin_(North_America)" title="Permian Basin (North America)">Permian Basin</a></li> <li><a href="/wiki/Persian_Gulf" title="Persian Gulf">Persian Gulf</a></li> <li><a href="/wiki/Prudhoe_Bay_Oil_Field" title="Prudhoe Bay Oil Field">Prudhoe Bay</a></li> <li><a href="/wiki/Oil_reserves_in_Russia" title="Oil reserves in Russia">Russia</a></li> <li><a href="/wiki/Oil_reserves_in_Venezuela" title="Oil reserves in Venezuela">Venezuela</a></li> <li><a href="/wiki/Western_Canadian_Sedimentary_Basin" class="mw-redirect" title="Western Canadian Sedimentary Basin">Western Canadian Sedimentary Basin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Other topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_abbreviations_in_oil_and_gas_exploration_and_production" title="List of abbreviations in oil and gas exploration and production">Abbreviations</a></li> <li>Classification <ul><li><a href="/wiki/Sweet_crude_oil" title="Sweet crude oil">sweet oil</a></li> <li><a href="/wiki/Sour_crude_oil" title="Sour crude oil">sour oil</a></li></ul></li> <li><a href="/wiki/Oil_shale_gas" title="Oil shale gas">Oil shale gas</a></li> <li><a href="/wiki/Orphan_wells" title="Orphan wells">Orphan wells</a></li> <li><a href="/wiki/Peak_oil" title="Peak oil">Peak oil</a> <ul><li><a href="/wiki/Fossil_fuel_phase-out" title="Fossil fuel phase-out">fossil fuel phase-out</a></li> <li><a href="/wiki/Predicting_the_timing_of_peak_oil" title="Predicting the timing of peak oil">timing</a></li></ul></li> <li><a href="/wiki/Petrocurrency" title="Petrocurrency">Petrocurrency</a></li> <li><a href="/wiki/Petrodollar_recycling" title="Petrodollar recycling">Petrodollar recycling</a></li> <li><a href="/wiki/Petrofiction" title="Petrofiction">Petrofiction</a></li> <li><a href="/wiki/Shale_band" title="Shale band">Shale band</a></li> <li><a href="/wiki/Shale_gas" title="Shale gas">Shale gas</a></li> <li><a href="/wiki/Swing_producer" title="Swing producer">Swing producer</a></li> <li><a href="/wiki/Unconventional_(oil_and_gas)_reservoir" title="Unconventional (oil and gas) reservoir">Unconventional (oil and gas) reservoir</a> <ul><li><a href="/wiki/Heavy_crude_oil" title="Heavy crude oil">heavy crude</a></li> <li><a href="/wiki/Oil_sands" title="Oil sands">oil sands</a></li> <li><a href="/wiki/Oil_shale" title="Oil shale">oil shale</a></li> <li><a href="/wiki/Tight_oil" title="Tight oil">tight oil</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Companies and<br />organisations</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Major<br /><a href="/wiki/List_of_oil_exploration_and_production_companies" title="List of oil exploration and production companies">petroleum<br />companies</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;"><a href="/wiki/Big_Oil" title="Big Oil">Supermajors</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BP" title="BP">BP</a></li> <li><a href="/wiki/Chevron_Corporation" title="Chevron Corporation">Chevron</a></li> <li><a href="/wiki/Eni" title="Eni">Eni</a></li> <li><a href="/wiki/ExxonMobil" title="ExxonMobil">ExxonMobil</a></li> <li><a href="/wiki/Shell_plc" title="Shell plc">Shell</a></li> <li><a href="/wiki/TotalEnergies" title="TotalEnergies">TotalEnergies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/National_oil_company" title="National oil company">National oil<br />companies</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Abu_Dhabi_National_Oil_Company" title="Abu Dhabi National Oil Company">Abu Dhabi National Oil Company</a></li> <li><a href="/wiki/ANCAP_(Uruguay)" title="ANCAP (Uruguay)">ANCAP</a></li> <li><a href="/wiki/Bharat_Petroleum" title="Bharat Petroleum">Bharat Petroleum</a></li> <li><a href="/wiki/China_National_Offshore_Oil_Corporation" title="China National Offshore Oil Corporation">China National Offshore Oil Corporation</a></li> <li><a href="/wiki/China_National_Petroleum_Corporation" title="China National Petroleum Corporation">China National Petroleum Corporation</a></li> <li><a href="/wiki/Ecopetrol" title="Ecopetrol">Ecopetrol</a></li> <li><a href="/wiki/Equinor" title="Equinor">Equinor</a></li> <li><a href="/wiki/Gazprom" title="Gazprom">Gazprom</a></li> <li><a href="/wiki/Hindustan_Petroleum" title="Hindustan Petroleum">Hindustan Petroleum</a></li> <li><a href="/wiki/Indian_Oil_Corporation" title="Indian Oil Corporation">Indian Oil Corporation</a></li> <li><a href="/wiki/Iraq_National_Oil_Company" title="Iraq National Oil Company">Iraq National Oil Company</a></li> <li><a href="/wiki/KazMunayGas" title="KazMunayGas">KazMunayGas</a></li> <li><a href="/wiki/Kuwait_Petroleum_Corporation" title="Kuwait Petroleum Corporation">Kuwait Petroleum Corporation</a></li> <li><a href="/wiki/Grupa_Lotos" title="Grupa Lotos">Lotos</a></li> <li><a href="/wiki/Naftogaz" title="Naftogaz">Naftogaz</a></li> <li><a href="/wiki/National_Iranian_Oil_Company" title="National Iranian Oil Company">National Iranian Oil Company</a></li> <li><a href="/wiki/National_Iranian_South_Oil_Company" title="National Iranian South Oil Company">National Iranian South Oil Company</a></li> <li><a href="/wiki/NNPC_Limited" title="NNPC Limited">NNPC Limited</a></li> <li><a href="/wiki/Oil_%26_Gas_Development_Company" title="Oil & Gas Development Company">Oil & Gas Development Company</a></li> <li><a href="/wiki/Oil_and_Natural_Gas_Corporation" title="Oil and Natural Gas Corporation">Oil and Natural Gas Corporation</a></li> <li><a href="/wiki/Orlen" title="Orlen">Orlen</a></li> <li><a href="/wiki/PDVSA" title="PDVSA">PDVSA</a></li> <li><a href="/wiki/Pemex" title="Pemex">Pemex</a></li> <li><a href="/wiki/Pertamina" title="Pertamina">Pertamina</a></li> <li><a href="/wiki/Petrobangla" title="Petrobangla">Petrobangla</a></li> <li><a href="/wiki/Petrobras" title="Petrobras">Petrobras</a></li> <li><a href="/wiki/PetroChina" title="PetroChina">PetroChina</a></li> <li><a href="/wiki/Petronas" title="Petronas">Petronas</a></li> <li><a href="/wiki/Petrovietnam" title="Petrovietnam">Petrovietnam</a></li> <li><a href="/wiki/PTT_Public_Company_Limited" title="PTT Public Company Limited">PTT Public Company Limited</a></li> <li><a href="/wiki/QatarEnergy" title="QatarEnergy">QatarEnergy</a></li> <li><a href="/wiki/Rosneft" title="Rosneft">Rosneft</a></li> <li><a href="/wiki/Saudi_Aramco" title="Saudi Aramco">Saudi Aramco</a></li> <li><a href="/wiki/Sinopec" title="Sinopec">Sinopec</a></li> <li><a href="/wiki/SOCAR" title="SOCAR">SOCAR</a></li> <li><a href="/wiki/Sonangol_Group" title="Sonangol Group">Sonangol</a></li> <li><a href="/wiki/Sonatrach" title="Sonatrach">Sonatrach</a></li> <li><a href="/wiki/TPAO" title="TPAO">TPAO</a></li> <li><a href="/wiki/YPF" title="YPF">YPF</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;"><a href="/wiki/Energy_trading" class="mw-redirect" title="Energy trading">Energy trading</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Enron" title="Enron">Enron</a></li> <li><a href="/wiki/Glencore" title="Glencore">Glencore</a></li> <li><a href="/wiki/Gunvor" title="Gunvor">Gunvor</a></li> <li><a href="/wiki/Mercuria" title="Mercuria">Mercuria</a></li> <li><a href="/wiki/Naftiran_Intertrade" title="Naftiran Intertrade">Naftiran Intertrade</a></li> <li><a href="/wiki/Trafigura" title="Trafigura">Trafigura</a></li> <li><a href="/wiki/Vitol" title="Vitol">Vitol</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;">Others</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/APA_Corporation" title="APA Corporation">APA Corporation</a></li> <li><a href="/wiki/Cenovus_Energy" title="Cenovus Energy">Cenovus Energy</a></li> <li><a href="/wiki/Cepsa" title="Cepsa">Cepsa</a></li> <li><a href="/wiki/ConocoPhillips" title="ConocoPhillips">ConocoPhillips</a></li> <li><a href="/wiki/Devon_Energy" title="Devon Energy">Devon Energy</a></li> <li><a href="/wiki/Eneos_Holdings" title="Eneos Holdings">Eneos Holdings</a></li> <li><a href="/wiki/Galp_Energia" title="Galp Energia">Galp Energia</a></li> <li><a href="/wiki/Hess_Corporation" title="Hess Corporation">Hess Corporation</a></li> <li><a href="/wiki/Husky_Energy" title="Husky Energy">Husky Energy</a></li> <li><a href="/wiki/Imperial_Oil" title="Imperial Oil">Imperial Oil</a></li> <li><a href="/wiki/Lukoil" title="Lukoil">Lukoil</a></li> <li><a href="/wiki/Marathon_Oil" title="Marathon Oil">Marathon Oil</a></li> <li><a href="/wiki/Marathon_Petroleum" title="Marathon Petroleum">Marathon Petroleum</a></li> <li><a href="/wiki/Occidental_Petroleum" title="Occidental Petroleum">Occidental Petroleum</a></li> <li><a href="/wiki/OMV" title="OMV">OMV</a></li> <li><a href="/wiki/Phillips_66" title="Phillips 66">Phillips 66</a></li> <li><a href="/wiki/Port_Harcourt_Refining_Company" title="Port Harcourt Refining Company">Port Harcourt Refining Company</a></li> <li><a href="/wiki/Reliance_Industries" title="Reliance Industries">Reliance Industries</a></li> <li><a href="/wiki/Repsol" title="Repsol">Repsol</a></li> <li><a href="/wiki/Suncor_Energy" title="Suncor Energy">Suncor Energy</a></li> <li><a href="/wiki/Sunoco" title="Sunoco">Sunoco</a></li> <li><a href="/wiki/Surgutneftegas" title="Surgutneftegas">Surgutneftegas</a></li> <li><a href="/wiki/TechnipFMC" title="TechnipFMC">TechnipFMC</a></li> <li><a href="/wiki/TNK-BP" title="TNK-BP">TNK-BP</a></li> <li><a href="/wiki/Tullow_Oil" title="Tullow Oil">Tullow Oil</a></li> <li><a href="/wiki/T%C3%BCpra%C5%9F" title="Tüpraş">Tüpraş</a></li> <li><a href="/wiki/Valero_Energy" title="Valero Energy">Valero Energy</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Major<br /><a href="/wiki/List_of_oilfield_service_companies" title="List of oilfield service companies">services<br />companies</a></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Amec_Foster_Wheeler" title="Amec Foster Wheeler">Amec Foster Wheeler</a></li> <li><a href="/wiki/Baker_Hughes" title="Baker Hughes">Baker Hughes</a></li> <li><a href="/wiki/Cameron_International" title="Cameron International">Cameron International</a></li> <li><a href="/wiki/CGG_(company)" title="CGG (company)">CGG</a></li> <li><a href="/wiki/CH2M" title="CH2M">CH2M</a></li> <li><a href="/wiki/Chicago_Bridge_%26_Iron_Company" title="Chicago Bridge & Iron Company">Chicago Bridge & Iron Company</a></li> <li><a href="/wiki/China_Oilfield_Services" title="China Oilfield Services">China Oilfield Services</a></li> <li><a href="/wiki/Enbridge" title="Enbridge">Enbridge</a></li> <li><a href="/wiki/GE_Power" title="GE Power">GE Power</a></li> <li><a href="/wiki/Halliburton" title="Halliburton">Halliburton</a></li> <li><a href="/wiki/Nabors_Industries" title="Nabors Industries">Nabors Industries</a></li> <li><a href="/wiki/Naftiran_Intertrade" title="Naftiran Intertrade">Naftiran Intertrade</a></li> <li><a href="/wiki/NOV_Inc." title="NOV Inc.">NOV Inc.</a></li> <li><a href="/wiki/Petrofac" title="Petrofac">Petrofac</a></li> <li><a href="/wiki/Saipem" title="Saipem">Saipem</a></li> <li><a href="/wiki/Schlumberger" title="Schlumberger">Schlumberger</a></li> <li><a href="/wiki/Snam" title="Snam">Snam</a></li> <li><a href="/wiki/Subsea_7" title="Subsea 7">Subsea 7</a></li> <li><a href="/wiki/TC_Energy" title="TC Energy">TC Energy</a></li> <li><a href="/wiki/Transocean" title="Transocean">Transocean</a></li> <li><a href="/wiki/Valaris_Limited" title="Valaris Limited">Valaris Limited</a></li> <li><a href="/wiki/Weatherford_International" title="Weatherford International">Weatherford International</a></li> <li><a href="/wiki/John_Wood_Group" title="John Wood Group">John Wood Group</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Others</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/American_Petroleum_Institute" title="American Petroleum Institute">American Petroleum Institute</a></li> <li><a href="/wiki/Canadian_petroleum_companies" title="Canadian petroleum companies">Canadian petroleum companies</a></li> <li><a href="/wiki/Intercontinental_Exchange_Futures" title="Intercontinental Exchange Futures">Intercontinental Exchange Futures</a></li> <li><a href="/wiki/International_Association_of_Oil_%26_Gas_Producers" title="International Association of Oil & Gas Producers">International Association of Oil & Gas Producers</a></li> <li><a href="/wiki/International_Energy_Agency" title="International Energy Agency">International Energy Agency</a></li> <li><a href="/wiki/Society_of_Petroleum_Engineers" title="Society of Petroleum Engineers">Society of Petroleum Engineers</a></li> <li><a href="/wiki/World_Petroleum_Council" class="mw-redirect" title="World Petroleum Council">World Petroleum Council</a></li></ul> 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