Monopoly in Oil Industry

Characteristics of a Monopoly in reference to the Major Oil Companies

Petrochemical's monopoly of the capitalist countries of Leah. The capitalist oil industry is an area of ??powerful monopolies. A crucial role in the industry are a little more than 10 international oil trusts, which are significantly superior to the monopoly of most other sectors of financial power, power, industrial base, the place they occupy in world production and trade. In 1972, among the 20 largest industrial corporations 9 had oil. The magnitude of the assets controlled by the Exxon Corporation Up to January 1st, 1973 called "The Standard Oil Company, New Jersey and the Royal Datch-Shell group 1st and 3rd among the capitalist industrial monopolies. Belgium Petrofina is the largest industrial monopoly of the country. It is one of the five largest industrial companies in France of oil (James 2003, 1).

Oil industry is dominated by U.S. and British monopolies. 5 industries are American, one British and one Anglo-Dutch and members of the International Petroleum Cartel. In addition to these, a strong position in the sector is occupied by the so-called American independent monopolies, particularly intensified after the 50s. In connection with the discovery of new oil fields such as Standard Oil Company (Indiana Corporation), Occidental Petroleum, Continental Oil Company and others force of 50-60s state-owned companies, etc. Industrially developed capitalist countries have an important place in the oil sector in their countries, in Italy, France, but in general, significantly lower than the U.S. monopolies and the UK in terms of absolute size and degree of influence in the industry.

Up to 75% of oil production and refining monopoly "Exxon Corporation" and "Mobil Oil" (Mobil Oil) is carried out outside the U.S. British Petroleum is abroad for almost 100% oil and 80% of its processing (1972). The oil industry was created by state-owned companies in Kuwait (1960), Saudi Arabia (1962), Algeria (1963), Iraq (1964) and others fight the state of capitalism in developing countries to limit the activities of NM and expanding their rights in the oil industry took organized form in the an international scale. In 1960 at the initiative of Iraq, Iran, Kuwait, Saudi Arabia and Venezuela emerged Organization countries - Petroleum Exporting Countries (OPEC - Organization of the Petroleum Exporting Countries), which later joined by Qatar, Indonesia, Libya, Abu Dhabi, Nigeria, Algeria, Ecuador. It was recorded in 1962 at the UN Secretariat as a fully fledged intergovernmental organization; OPEC aims to ensure the participation of states and the owners of oil to use its oil resources, the transfer of control over the national oil industry in the hands of the governments of oil producing countries. In the late 60s and early70s reached agreement on the equity participation of countries; the owners of oil extraction, performed on the basis of previously concluded with the monopoly concession contracts have changed in favor of the oil-producing countries in terms of re-negotiated agreements in several countries conducted a complete (Iraq, 1972) or partial nationalization of the assets of foreign companies ...