IIPM’s 36th Glorious Year of Academic Excellence
A century was not enough to finish oil-politics...
The world could have been in the light of darkness, without oil. The world’s development and contributions of ‘Black Diamond’ has been itself been a history over a century. The last century has witnessed a battle between the US (Texas Railroad Commission, TRC) and OPEC to control oil and its price while output by non-OPEC countries & weather, have bereft individual countries’ power over it. Though, Middle East remains its major exporter with 44.5% share of global export, the US is capable enough to disturb oil price owing to its extentive reserves. Oil-politics has brought about more complications than other geo-political issues. Until 1970, oil price was less fluctuative as TRC was the only player to control oil price and OPEC was unaware of the game. In March 1971, TRC’s proration of 100% production scope to the US producers taught OPEC the game. This ultimately led power shift from the US to OPEC over price. The game began. The game of fight and shift of power went through with Yom Kippur War between Israel v/s Syria, Egypt in 1973, Iranian revolution in 1979 with Saddam’s sudden invasion to Iran and the US’s policy of subsidising, which favoured domestic oil production.
The price kept on fluctuating with various global events but individual country’s ability to influence oil politics got reduced and power shifted from OPEC, the US to non-OPEC countries, with increase in output from Russia, Europe and Asia’s economic boom, increasing consumption. Though, the real concern remains: reducing oil reserves, with increasing consumption, is forcing countries to find more sources. Was then the US’s entire ‘bloodbath’ or Middle East adventures to ‘own nothing but control everything’ worthless?
For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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