Governing the International Oil Market in the 4th Era. Addressing Increased Competition through State Intervention
This policy brief investigates the brewing 4th era of the international oil market – a market which is in a period of uncertainty and change. Market mechanisms are changing, and new key players are emerging. A main feature of the past decade has been the increase of National Oil Companies (NOCs) belonging to states who are net importers of oil. These companies, in addition to more traditional producer NOCs with vast reserves , are identified as key drivers of current market changes. A common feature for these actors is that they have developed from being passive players to vertically and horizontally integrated global companies, and that they tend to view oil as a quasi-public good. This is an opposing view to previous majors of the international oil market, which have to a large extent viewed and treated oil as a private good.