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The Global Oil Market and EU Energy Security

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Book cover Energy Security in Europe

Part of the book series: Energy, Climate and the Environment ((ECE))

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Abstract

Claes first refines the concept of energy security into physical, economic and political components, which contain both structural and strategic elements. He then provides a historical account of how the European Great Powers, and later the European Union, have followed various strategies in order to secure oil supplies from external sources. The challenges facing the EU in this endeavour are discussed further in relation to the “Peak Oil” debate and the import dependency of EU member states. This is followed by a critical assessment of the EU’s ability to act coherently and effectively in the political diplomacy of the global oil market.

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Notes

  1. 1.

    http://ec.europa.eu/energy/security/index_en.htm. Accessed on August 29, 2010.

  2. 2.

    The designation “the Seven Sisters” was first used by the Italian oilman Enrico Mattei and was later used as the title of Anthony Sampson’s book about the seven largest oil companies (Sampson 1975: 11). This group comprises Exxon, Mobil, Standard Oil of California, Texaco, Gulf (all American), British Petroleum (BP; 51 per cent of the shares were formerly held by the British government) and Royal Dutch/Shell (60 per cent Dutch and 40 per cent British). Compagnie Francaise des Pètroles (CFP) is sometimes included in this group, despite representing a minimal share of world production (approximately 1.2 per cent in 1950) (Schneider 1983: 39).

  3. 3.

    WSJ News Graphics, April 15, 2016, http://graphics.wsj.com/oil-barrel-breakdown/. Based on Rystad Energy Ucube.

  4. 4.

    BP Statistical Review of World Energy, 1980 and 2016.

  5. 5.

    Quoted in Yergin 2006: 69.

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Author information

Authors and Affiliations

  1. University of Oslo, Oslo, Norway

    Dag Harald Claes

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  1. Dag Harald Claes
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Editors and Affiliations

  1. Department of Political Science, University of Oslo, Oslo, Norway

    Kacper Szulecki

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Claes, D.H. (2018). The Global Oil Market and EU Energy Security. In: Szulecki, K. (eds) Energy Security in Europe. Energy, Climate and the Environment. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-64964-1_12

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  • DOI: https://doi.org/10.1007/978-3-319-64964-1_12

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-319-64963-4

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