Oil Politics

A Modern History of Petroleum

Francisco Parra

• Publisher: I.B. Tauris
• Year: 2003
• Print ISBN:
  9781860649776
• Edition: 1
• eBook ISBN:
  9780857715272
• Topic: Politics & International Relations
• Subtopic: Political Economy
• Index: Politics & International Relations

The environmental, the economic - and indeed the political - impact of the catastrophic 2010 blowout of BP's well in the Gulf of Mexico has highlighted the central part played by oil in the modern world. The fate of millions now depends on the ever-shifting value of petroleum and on the fortunes of the corporations that deliver it. The story of oil - how it came to play such a dominant role in the world economy, who controls its extraction, pricing and supply - is essential to an understanding of contemporary world politics. In this acclaimed book, Francisco Parra draws on his long experience in the oil world, including as the Secretary General of OPEC, to tell it. Oil Politics surveys the tumultuous history of the international petroleum industry, from its extraordinary growth between 1950 and 1979, presided over by the seven major oil companies, to the price revolution of the 1970s and 1980s, to the re-emergence of Russia as an important but uncertain supplier. Parra charts the changing power dynamics amongst the major oil suppliers and examines their relationships with the major oil importing countries, and how these concerns have impacted on foreign policy. Oil politics in the twenty-first century remain fraught with tensions, and this book offers a uniquely accessible guide to understanding this complex but vitally important subject.

"Francisco Parra's long service in the oil industry and his rare intellectual capabilities make him an authority on this subject. [His] book is a must." - Dr F J Chalabi, Executive Director, Centre for Global Energy Studies.

"Few in the industry can match the variety of Parra's experience. This is a world-class book and a must for all those interested in international oil policies and politics, and a good read as well." - Nordine Ait-Laoussine, former Algerian Minister of Oil

"This is a splendid volume: erudite; lucid; forthright; full of insight; and a rollicking good read, to boot...Frank Parra has written a tour-de-force, a thinking man's 'Prize'" - International Atomic Energy Agency Journal

Table of contents

• Cover
• Contents
• Acknowledgments
• Abbreviations
• Introduction
• Introduction
• 1. Cornerstone Concessions
• 2. Big Bang and the Growth of the Markets, 1950-1973
• 3. Fixing the Crude Oil Price Structure
• 4. The Growth of Competition, 1950-1970
• 5. Enter OPEC: The Early Years 1960-1968
• 6. The Tehran and Tripoli Agreements, 1971
• 7. The Struggle for Control, 1971-1973
• 8. Importers Take Heed, 1971-1973
• 9. The Crisis of '73
• 10. The Aftermath of '73
• 11. The Crisis of '79 and the Second Oil Price Shock
• 12. Backlash: Prices and Policies
• 13. The Development of Non-OPEC Oil Supplies Since 1970
• 14. OPEC At Bay
• 15. War in the Gulf, 1990-1991
• 16. Oil's New World
• 17. The Politics of Price and the Price of Diversity
• Epilogue
• Notes
• Bibliography
• Index