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