History of the International Oil Industry

Abstract

The purpose of this chapter is threefold. The first is to provide a narrative of events relating to the oil industry, both at local, regional and international level. To achieve this, six historical periods have been identified largely defined by oil market events. These set the scene for the narrative that runs throughout the chapter derived from the three cycles, described below, which have dominated the history of the international oil industry. It cannot be stressed enough how important it is that the history is understood if the present and future is to be comprehensible.¹ The second is, in each of these periods, to identify a spectrum of relations between the various players (governments — producing and consuming; companies — Majors, independents and national) ranging from conflict to tension to competition to collaboration. Finally, an attempt has been made to identify the various major transmission mechanisms between these periods. Overall, this links into the overarching theme of the book that concerns the role of state capitalism and how it influences the behaviour and motivation of the various players.