Oil and gas production increasingly in the hands of developing countries
Until the 1970s, a few major transnational corporations (TNCs) from the United States and Europe dominated the international oil industry. Today, the picture is strikingly different. Global production is now controlled by stateowned companies in developing and transition economies. Some of them have also emerged as major overseas investors. This article is based on UNCTAD’s World Investment Report 2007: Transnational Corporations, Extractive Industries and Development. Great imbalances There are widening imbalances in world consumption, production and reserves of oil…
