OPEC in a Shale Oil World Where to Next?
RAMADy, MahdiOPec in a sHALE oil world –where to NEXT? With PREFACE by Dr. Sadad Al Husseini , former Board Member and Executive Vice President , Saudi Aramco. "OPEC has played an important role since its founding and continues to do so,
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OPEC in a Shale Oil World Where to Next?
OPEC in a Shale Oil World
Mohamed Ramady • Wael Mahdi
OPEC in a Shale Oil World Where to Next?
Mohamed Ramady Department of Finance and Economics Visiting Associate Professor King Fahd University of Petroleum and Minerals Dhahran, Saudi Arabia
Wael Mahdi Regus, Building 12, Level 4 Trust Tower OPEC & Middle East Energy Correspondent Bloomberg News Manama, Bahrain
ISBN 978-3-319-22370-4 ISBN 978-3-319-22371-1 DOI 10.1007/978-3-319-22371-1
(eBook)
Library of Congress Control Number: 2015946616 Springer Cham Heidelberg New York Dordrecht London © Springer International Publishing Switzerland 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer International Publishing AG Switzerland is part of Springer Science+Business Media (www.springer.com)
Dedicated to our wives, Fatina and Muna, Thank you for your love, patience, and support
Foreword
Ever since its inception in 1960, OPEC has been the focus of deep-seated insecurity, if not outright hostility, from a wide range of Western oil companies and governments. At that time, the hostility was not surprising given OPEC’s years of acrimonious negotiations with Western oil companies and its goal of unifying the policies of its member states with the intent of increasing their oil income and limiting the financial returns to foreign investors. Against this history of contentious relations in an era of resource nationalism, the creation of OPEC was viewed by the international oil companies as a revolutionary challenge to their economic interests and their dominance in the global oil markets. OPEC countries, on the other hand, saw it as the vehicle through which they would finally achieve full political and economic independence from Western interests and gain effective sovereignty over their national resources. In fact it took OPEC a full decade before it could actually impose its aspirations in the oil industry and advance the national interests of i
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