Index

Achnacarry Agreement 131 Black Sea 128 acquired rights, concept of 6, 130 Boko Haram 218–20 Adelman, Morris A. 25, 27–8, 34, 158, Bretton Woods 64, 98 169 BRIC country (Brazil, Russia, India ager publicus – ager privatus 6 and China) 107 al-Baghdadi, Abu Bakr 225 British National Oil Corporation Alfonzo, Juan Pablo Pérez 45 (BNOC) 146 al-Naimi, Ali 151 British Petroleum (BP) 38, 57, 128–9, Al-Nusrah Front 223 131 al-Qadhafi, Muammar 168 Bush, George H.W. 197 Al-Qaeda 175, 219–20, 223–5 Bush, George W. 107 Al-Shabaab 223 Amoco 125 California Arabian Standard Oil Anglo-French oil agreement 130 Company (Casoc) 48 Anglo-Persian Oil Company see British capture, rule of 14, 15 Petroleum (BP) market implications of 15 Antarctica 12 carbon capture storage (CCS) 102 Arab Cooperation Council 195, 204 carbon dioxide (CO2) emissions 236, Arab Energy Conference (1982) 144 239 Arabian-American Oil Company cartels (Aramco) 49–50 ‘success’ of cartelization 120 Arab–Israeli war (1967) 138, 170–71 theory of 119–23 Arab League 147, 196, 197, 204 Carter, Jimmy 31, 173–4 Arab Oil Ministers conference 138, 171 Chávez, Hugo 46–7, 108 Arab Revolt (1916–1918) 47 Chevron 49, 125 Arab Spring 78, 84–5, 206, 208 Church Commission 111 ARCO company 125 Churchill, Winston 129 Arctic Ocean 23 Citgo Petroleum Corporation As-Is Agreement see Achnacarry (CITGO) 46–7 Agreement civil war–oil revenue relationship 124, Auty, R. 59 209–17 Aziz, Tariq 195 conflict-inducing effects 211 Azzam, Abdullah 223 economic characteristics of 213–14 effect on GDP 217 backward-bending supply curve model pork-barrel politics and 213 156 rebel organizations 213 Baghdad Pact 204 weaknesses and critique of 216–17 Baku oil industry 128 climate policies, energy implications of Barents Sea 23 achieving emission reductions 244–6 Bin Laden, Usama 175, 223–4 investor reactions 242–4 biofuels 232, 245 producer reactions 240–42

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United Nations Framework emergency burden sharing, program Convention on Climate Change for 101 237–40 Emerging National Oil Companies climate warming abatement 238 (ENOCs) 107 CNOOC (Chinese oil company) 106, Chinese ENOCs 108 107 Energy 2020: Independence Day 179 coal 102, 129, 230–32, 236, 245 energy conservation Cold War 98, 165, 168, 186, 200, 214, in carbon sector in China 240 221 program for 101 Colgan, Jeff 109, 157, 186, 188, 189 energy consumption 230, 232–4 collective good 52, 122, 154, 182 energy independence 177, 179–80, 183 Commission on the Limits of the Energy Information Administration Continental Shelf (CLCS) 22 (EIA), US 24, 126, 178, 181, 185, Compagnie Française des Pétroles 231 (CFP) 130 energy security 102, 186, 188 concession agreements 18, 37 concept of 162–3 Conference of Arab Oil Ministers see in US 179 Arab Oil Ministers conference energy system ConocoPhillips 108 definition of 230–31 Coordinated Emergency Response national and regional 238 Measures (CERM) 101 patterns of consumption 232–4 Corrales, Javier 47 role of oil in 230–37 corruption 46, 74, 77, 79, 93, 211, 213 energy transition 96, 230, 232, 246 mismanagement of public funds 85 Energy Transmission Infrastructures and rent seeking 80–81 (ETI) 222, 225 Creole Petroleum Corporation 43 English Civil War (1642–1651) 6 Ente Nazionale Idrocarburi (ENI) 134 Daesh see Islamic State of Iraq and the environmental degradation 212, 245 Levant (ISIL) European Convention on Human D’Arcy, William K. 129 Rights (ECHR) 7 Dasgupta–Heal–Solow–Stiglitz model exclusive economic zone 21 66 exploration and production (E&P) ‘Desert Shield’ operation 174, 197 14–19, 33, 35, 38, 41, 57, 113, ‘Desert Storm’ operation 174, 197 116 Deutsche Bank 129 exploration risks 19, 129 developing countries 10, 35, 38, 40, 59, nationalization of 38 65, 81–3, 107, 239 operational aspects of 35 downstream sectors 116, 124 publicly-owned 14 Drake, Edwin L. 123 ExxonMobil 108, 125 Dutch Disease 68, 72 concept of 60 Faisal, King 170–72 economic effects of 60, 61–5 fiscal policy, oil state 65–72 traded and non-traded sector 69 Dasgupta–Heal–Solow–Stiglitz model 66–7 Ecuador 149 macro-economic effects of 66 electricity generation 231, 237, 245 Norway 86–8 by coal 237 Saudi Arabia 83–6 global energy mix of 245 spending 76–8 electric vehicles (EV) 235–7, 245 sustainability of 66–7 embedded liberalism 98 taxation 74–6

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Venezuela 81–3 Hubbert, M. King 31 volatility of 67–70 model of oil price 32 Foreign Direct Investments (FDI) 38, human rights 5–6 70 UN Human Rights Covenants 11 fossil fuels 230, 239, 245 Hurricane Katrina (2005) 101 fuel switching 235–6 Hussein, Saddam 147, 195–9, 205

Gazprom 108 Ibn Saud, Abd al-Aziz 47–8, 50, General Agreement on Tariffs and 166–7 Trade (GATT) 98–100 Ickes, Harold L. 127–8 global energy governance 96, 109, 110 “income target” strategy 156 global oil industry 99, 112, 129 Industrial Revolution 232 Global Terrorism Database (GTD) institutional oil regime complex 218, 221 109–14 Global Terrorism Index (GTI) 228 intergenerational equity 66 Gomez, Juan Vincent 43 internal combustion engine 236 government–companies relationships International Court of Justice 22 35–42 International Energy Agency (IEA) 99, obsolescing bargaining model 35–8 100–102, 110–11, 113, 178, 233, Parra’s model of 37 235–8 Vernon’s model of 35–6 anti-OPEC profile of 101, 111 greenhouse gas emissions 234 co-operation with China 102 and economic development 240 Coordinated Emergency Response in industrial sector 235 Measures (CERM) 101 rebound effect on 236 ‘Current Policies’ scenario 233 strategies for reduction of 237, 239, ‘New Policies’ scenario 233, 237 244–6 oil crisis management system 101 in transportation sector 235–7 ‘Sustainable Development’ scenario gross domestic product (GDP) 55, 59, 233, 237 65, 91–4, 99, 210, 214, 217, 235 Technology Collaboration annual growth in per capita 65, 91–4 Programmes 102 effect of oil resource-related civil war International Energy Forum (IEF) on 217 102–3 export revenue ratio 89 anti-OPEC profile of 102 Norwegian 87 Joint Oil Data Initiative (JODI) 102 petroleum exports as share of 68–9 International Monetary Fund (IMF) Gulbenkian, Calouste 130 98 Gulf Cooperation Council (GCC) 174, International Oil Companies (IOCs) 193–4, 201–3, 204 18–19, 28, 34–5, 39, 41–2, 107, Gulf Oil 43, 172 104–13, 123, 137, 170 Gulf plus pricing system 131 Church Commission 111 Gulf War (1991) see Iraq- War competition among 43 Frank Hendryx 37 Hartwick’s Rule, on sustainable in Norway 53–4, 57 development 66, 71 and NOCs 106–9 Hendryx, Frank 37 Obsolescing Bargaining Model 36 Holmes, Frank 48 relationship with host states 36 Hotelling, Harold 3, 25–7 Subcommittee on Multinational extraction rule of 66 Corporations 111 Hotelling theorem 27, 156 in Venezuela 43–4

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international oil market 112, 117, 131, Kuwait–Iraq War see Iraq–Kuwait 133–4, 136, 158, 164–5, 176, 183–4 War history of 104 structure of 115 Law of the Sea 21–3 International Political Economy (IPE) League of Nations 130 97–8, 103 lease contracts 14, 18 of oil market governance 103–9 Le Billon, P. 214–15 International Relations (IR) 96–7, 162, Libyan Producers Agreement 169 164–5, 183, 186–7, 200 Locke, John 4, 6, 8–9, 11 Iran Lukoil 108 Iranian revolution (1978–1979) 28, 140–41, 158, 205 Mabro, Robert 27, 149 political effects of oil wealth in 73 Maduro, Nicolás 46–7, 81 rivalry with Saudi Arabia 205–6 Marathon Oil 125 Iran–Iraq war (1980–1988) 28–9, 31, Marie Byrd Land 12 141–2, 158, 174, 190–95 market power declaration of 191 concept of 117–18 “human wave” tactic 192 of national oil companies 40 naval war battle 192 of politics 134–5 OPEC reaction on 194 market structure, concept of 115–17 Saudi Arabia’s involvement in 192–3 Meierding, Emily 190–91, 199 Shatt al-‘Arab waterway 191 UN Resolution 598 for cease-fire lease contracts for oil fields 18 192 operations of Seven Sisters in 133 Iraq Persian Gulf 186 economic crisis 199 political conflicts in 111 Gulf War (1991) 101 relation with US 173–5 Rumaila oil field 196, 198 role of oil in US invasion of 166, 175–7 interstate conflicts 186, 188–90 Iraq–Kuwait War national security 186–8 of 1961 190 security of oil supplies from 173 of 1990–1991 52, 101, 147–8, 186, militarized interstate disputes (MID) 192, 198, 203 189, 207 Irwin, John N. 169 Mining Act (1791) France 7 Islamic fundamentalism 175, 202, 204 Mommer, Bernard 6, 44 Islamic State of Iraq and the Levant monopoly (ISIL) 219, 225–6 American anti-monopoly legislation oil revenues 226 133 characteristics of 118 Joint Oil Data Initiative (JODI) 102 monopoly profit 119 joint ventures 45–6, 106, 134, 180 profit and welfare loss to society 120 jurisdictional rights 10–11 Standard Oil’s 125 state’s exercise of 5–7, 9 theory of 118–19 Moran, Theodore H. 139 Keohane, Robert 97, 112, 164 Mubarak, Husni 195–6 Keynes, John M. 98 multi-national corporation (MNC) 44 Khamenei, Ayatollah Ali 206 Kings Bay affair 53 National Academy of Sciences, US Kissinger, Henry 99, 100, 138, 173 236 Klare, Michael T. 33–4, 190 “Hidden Costs of Energy” report 236

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National Iranian Oil Company cases of blessing and curse 86–8 (NIOC) 134 exploration and production (E&P) nationalization, of oil companies project 57 in Mexico 38 first discoveries 52–3 in Venezuela 44–5 governance of oil production 52–7 nationally determined contributions Government’s Oil Council (Statens (NDCs) 238 Oljeråd) 53 national oil companies (NOCs) 18, gross domestic product (GDP) 55 38–42, 106–9, 111–13, 184 Gullfaks field 54 emerging (ENOCs) 107–8 IEA 101 joint ventures 106 internationalization of 56–7 market power of 40 international oil companies 53, 57 market structure 111–13 Kings Bay affair 53 ownership of 40 model of extraction of oil resources performance of 40, 42 17 of Saudi Arabia 49–50 ‘Ocean Viking’ oil rig 53 national security offshore production 20 concept of 187 privatization of 56–7 policy-contingency-framework of production costs 33 188 resource curse 17, 63, 86–8 role of oil in 186–8 state control of 53–5 natural resources, extraction of 2 Sovereign Wealth Fund 71 economic rent of 3–4 State’s Direct Financial Interest Norwegian Model of 17 (SDFI) 56 taxes on 9 Norwegian Continental Shelf 52, 54 natural resources, legal notion of 12 Norwegian Geological Investigation 52 natural resources, sovereignty of 3–12 nuclear power 231 concept of 3–4 General Assembly resolution on Oasis Group 134 10–11 Obsolescing Bargaining Model (OBM) in international law 10–12 35–8, 41 property rights of illustration of 36 state jurisdiction 5–7 offset drilling, rule of 14 territorial rights 4–5 offshore oil production resource rights, distribution of 7–10 in Brazil 2 Nazer, Hisham 198 law of the sea and 20–23 netback pricing system 146 in North Sea 3 New International Economic Order 38 property rights on 20 New York Stock Exchange 56 state sovereignty over 20–21 Nine, Cara 5 oil Nixon, Richard M. 168, 178 as nature’s gift 2–4 non-oil traded goods, competitiveness as political weapon 138–9 of 62, 64 role in energy system 230–37 Norbec 159 oil and gas contracts North, Douglass C. 96 concession agreements 18 North Sea government participation 20 divisons of 21 production sharing agreements jurisdiction of Norway 52 (PSAs) 18–19 Norway profit-based mechanisms 20 “10 oil commandments” 54 royalties 19–20

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service agreements 19 political economy of 103–9 signature bonuses 19 Red Line Agreement (1928) for 104 oil boom of 1970s 59–60, 62 oil pipelines, construction of 124, 127 effect of 76 oil price oil-consuming countries 99, 101–2, backward-bending supply curve 110, 162, 164, 167 model 156 oil consumption 139, 243 as collective good 122 de-carbonizing of 245 Hotelling theorem 156 oil crisis management system 101 Hubbert’s model of 32 oil dependency 227 impact of shale oil revolution on 151 concept of 92 “income target” strategy 156 measurements of 92 price war between OPEC and non- operationalization of 93 OPEC producers 150–51 risks of foreign 184 replacement cost 28, 241 oil drilling 14, 53, 123, 128, 178 volatility in 70, 123 horizontal drilling 178 oil-price shock 66 offset drilling 14 ceiling price 141 oil embargo (1973) 99, 138–9 first price shocks of 1970s 137–44 consequences of 170 second price shock (1979–1980) oil extraction, economics of 25–7, 30 140–42 oil fields 27, 34, 147, 179, 188, 190, Iranian revolution 28, 140–41 220–21, 225, 226, 228 Iran–Iraq War 28–9, 141–2 in Baku 128 oil-producing countries 15, 17, 32, 34, companies operating 67 38, 43, 45, 49–51, 61, 63, 70, 77, development of 18, 37 100, 110, 115, 134, 137–8, 211, 239 discovery of 43, 116, 121, 127 oil production in Kuwait 207 economic model of 27 in North Sea 3 governance of 42 ownership in 56 in Norway 52–7 Rumaila oil field, Iraq 196, 198 in Saudi Arabia 47–52 in Saudi Arabia 86 in Venezuela 43–7 Spindletop oil field, Texas 127 government strategies for 33–4 territorial delimitation line 21 oil rents 49, 74, 77, 79, 82 oil-for-food deal 148 oil reserves oil funds, purpose of 71, 87 development costs of 28 oil income 61–2 dynamics of 32–4 decline of 65 in-ground value of 28 negative effects of 63 proven reserves 7, 29–33, 178 oil industry reserves-on-production 30 nationalization of 211 oil resources renationalization in 109 economic value of 27–9 structure of 112 governance of 12–20 trilateral oligopoly 110 private 13–15 oil-in-place 30 public 15–20 oil market governance ownership of 13 institutional structure of 97, 100, 123 peak oil 31–2 international economic system, scarcity of 3, 27–32 affect of 98–9 oil-rich countries 38, 63, 71, 81, 88, 93 patterns of network interaction in oil trading 64, 115, 176–7, 180, 182 113 oil wealth 71, 73–4, 83

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oil weapon 170–72 two-tier price structure 139–40 open door policy 130 unified price structure 142–4 Organisation for Economic Co- Ottoman Empire 129–30 operation and Development end of 48 (OECD) 101, 151, 218 war with British 47 Organization of the Petroleum Exporting Countries (OPEC) Palestinian Liberation Organization 28, 31, 34, 37–9, 44–5, 51–4, 72, (PLO) 197 76, 99, 113–14, 121, 123, 136–60, Paris Agreement see UN Framework 168–9, 184, 207 Convention on Climate Change cartel’s market behavior 153–7 Parra, Francisco 37, 173 cooperation with non-OPEC Peak Oil 31–2, 176 producers 153 Persian Gulf 186 Ecuadorian dilemma 149 interstate conflicts in 200 establishment of 137 role of US in 204–5 GATT and 100 Saudi–Iranian rivalry in 205–6 GDP in 59, 68–9 security complex 200–201 IEA and 99–103, 110 petrochemical industry 234–5 IOCs and 104–5, 109, 111 Petróleos de Venezuela S.A. (PDVSA) Iran-Iraq war and 141–2, 192–5 44 Iraq-Kuwait war and 197–9 aperture strategy of the 1990s 45–6 implication of shale oil revolution investment in oil exploration and for 152 development 45 Market Monitoring Committee 146 privatization of 46 Ministerial Monitoring Committee strategy of foreign downstream 148 investments 45 netback pricing system 146 Phillips Petroleum 52 non-decision of November 2014 Phoenix ‘Cartel’ (2016) 152–3 151–2 political resource curse 72–81 oil production quota 146, 148 pork-barrel politics 213 compliance in 157–9 Powell, Colin 197 oil weapon and 1973 embargo price-takers 119, 138, 152, 194 138–9, 170–74 prisoner’s dilemma 77, 122 Phoenix ‘Cartel’ (2016) 152–3 private governance, of oil resources 5, price shocks of the 1970s 137–44 13–15, 18, 99 price war 140, 147 private property, Locke’s justification production policy of 144–50 of 9 changing market strategy (1985) producer cooperation, economics of 146–7 115–23 during Iraq–Kuwait War cartel theory 119–23 (1990–1991) 147–8 downstream sectors 116 muddling through the 1990s market power 117–18 148–50 market structure 115–17 quota decisions of 1982–1984 monopoly theory 118–19 144–6 upstream sectors 116 resource curse hypothesis among 72 production sharing agreements (PSAs) second oil-price shock (1979–1980) 18–19 140–42 property rights Tehran and Tripoli Agreements ager publicus 6 (1971) 137–8 as human rights 7

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in ancient societies 6–7 rule of capture 123–4 in Roman law 6 Rystad Energy 244 theory of 4 public governance, of oil resources Sadat, Anwar 171 15–20 San Remo agreement contract regimes 17–19 discrimination against rights of US fiscal regimes 19–20 citizens 130 public administration 16–17 between France and United Putin, Vladimir 108 Kingdom 130, 135 Saudi Arabia quota system, for oil production 146, cases of blessing and curse 83–6 148, 194 formation of 47 compliance in 157–9 involvement in Iran–Iraq war quota-setting bargaining 121 (1980–1988) 192–3 violation of 195 laws against civil disobedience 84 Majlis (Consultative Assembly) 50 Red Line Agreement (1928) 104, national oil company (NOC) of 130–32 49–50 rentier states 72, 73, 81–4, 93, 209–10, oil production in 47–52 212, 242 first discoveries 47–8 rent seeking 72, 74, 79, 80–81, 90 impact of Second World War on replacement cost, in oil industry 28, 48 33, 241 market hegemony 51–2 resource curse, 42, 45, 47, 59–94, 189, Middle East oil rents 49 209–10, 212 49–50 among OPEC members 72 state control of 50–51 four aspects of 60 public administration of petroleum state-society linkage and 212 sector 51 resource nationalism 39, 108–9 rivalry with Iran 205–6 resource rents 2 special relationship with US 166–70 Dasgupta–Heal–Solow–Stiglitz US deployment of military model 66–7 forces in 197 Hotelling theory of 3 swing producer inside OPEC, role as issue of 66 51, 144–5, 152, 154, 182, 194–5 in reproducible capital 66 Saudi Arabian Oil Company (Saudi resource rights, distribution of 7–10 Aramco) 39, 42, 49–51, 57, 106, Ricardian rent 2 167, 170, 180, 242 Ricardo, David 2 service agreements 19 risk service contract 19 Seven Sisters 116, 123, 128–34 road transportation 234, 236 control of oil market 167 emission-reducing technology- operations in the Middle East 133 innovations for 244 production of crude oil 128 Rockefeller, John D. 124–5, 127 shale oil 13 Roosevelt, Franklin D. 127, 166 implication for OPEC 152 Rosneft 47 revolution in production of 31, Royal Dutch Company see Royal 178–80 Dutch Shell technological 151 Royal Dutch Shell 43, 128–9 Shell Transport and Trading Company Royal Navy 129 see Royal Dutch Shell Ruggie, John 98 Sherman Antitrust Act (1890), US 125

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signature bonuses 19, 43 terrorist groups and oil Socal (later Chevron) 48–9 Al-Qaeda 223–5 Socony-Vacuum (later Mobil) 49 Boko Haram 218 solar power 242, 245 Islamic State of Iraq and the Sovereign Wealth Fund 67, 71, 72, 87 Levant (ISIL) 225–6 Spindletop oil field, Texas 127 Taliban 219 Standard Oil Company 48, 114, 116, terrorism–oil relationship 220–23 128 Texaco 49 of California 166 Texas Railroad Commission (TRC) legal actions against 126 126–8 monopoly of 28, 124–5 Thatcher, Margaret 40, 56 operations outside of the US 130 Tondguyan, Javad 193 Standard Oil trust 129 Transnational Corporations (TNC) 38, subsidiaries of 43 40, 114 US oil industry and 123–6 triangular diplomacy 104 violation of Sherman Antitrust Act trilateral oligopoly 110–11 125 Truman, Harry S. 166 State’s Direct Financial Interest (SDFI) Trump, Donald 183, 205, 239 Norway 56 Turkish Petroleum Company 129, state sovereignty 5, 12 130–31 Statoil 17, 39, 41–2, 54–7, 107 steam turbine 230 Ultimately Recoverable Resources Strait of Hormuz 159, 182, 191, 221 (URR) 32 Strange, Susan 97, 103 UN Convention of the Law of the Sea Suez crisis (1956) 138 (UNCLOS) 21 swing producer see Saudi Arabia Article 76 of 21–2 natural prolongation, principle of tabula rasa 35 21 Taliban 219–20 UN Framework Convention on Tariki, Abdullah 37 Climate Change 237–43 Taxes 9, 19–20, 67, 74–6 implementation of 239–40, 245 Tehran–Tripoli agreements (1971) 104, ratification of 238 137–8 producer reactions 241–2 terra nullius (no-man’s land), concept UN General Assembly of 12 resolution 1803 of 16 territorial rights, Lockean theory of resolution on sovereignty over 4–5 natural resources 10 terrorism UN Human Rights Covenants 11 9/11 terrorist attack 175 Unocal 107 Bali bombings 222 UN Security Council 148, 197–8 deaths caused by 218, 219 upstream sectors 39, 116 definition of 217 US–Chinese rivalry, in Persian Gulf Global Terrorism Database (GTD) 180–83 218, 221 US Geological Survey (USGS) 23 Global Terrorism Index (GTI) US hegemony 228 Coalition of the willing 174–5 New York World Trade Center ‘Desert Shield’ operation 174 attacks 222 ‘Desert Storm’ operation 174 role of oil in see terrorism–oil energy security 162–3 relationship on global governance 163–5

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military operations in nationalization of oil industry Afghanistan 175 44–5 Iraq 175–7 oil war (2001) 46 relation with Petróleos de Venezuela S.A. see Middle East 173–5 Petróleos de Venezuela S.A. Saudi Arabia 166–70 (PDVSA) US involvement, in Persian Gulf 204–5 Petroleum Law of 1922 43 US oil industry Vernon, Raymond 54, 111 antitrust policy 125, 133 on relationship between IOCs and exploration and production (E&P) host states 36 companies 14 Sovereignty at Bay 35 history of 13 Vietnam War 165, 173 legal features of 14 rule of Wahhabi Sunni Islam 206 capture 14–15 Waltz, Kenneth 163 offset drilling 14 War on Terror 223 reason 125 war-relief oil 202 shale oil 13 Watergate crisis 165, 173 Standard Oil 123–6 wind power 245 US–Saudi Arabian ‘special Wolfowitz, Paul 176 relationship’ 166–70 World Bank 98 US Securities and Exchange World Energy Organization 110 Commission 56 World Trade Organization (WTO) 98–100 vehicle efficiency, standards of 244 World War I 38, 47–8, 129–30, 175 Venezuela, oil production in 43–7 World War II 18, 43, 55, 98–100, 123, aperture strategy of the 1990s 45–6 129, 131, 162, 165–6, 167, 168, cases of blessing and curse 81–3 189–90, 232 during Chávez era 46–7 first discoveries 43 Yamani, Ahmad Zaki 138–40, 142, Hydrocarbons Law of 1943 43–4 144–7, 150, 159, 160, 172, 185 internationalization, policy of 46 Yergin, Daniel 125, 179 international oil companies (IOC) 43 Yom Kippur/October War 171

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