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81. The Role of Multinational Oil Corporations (Mnocs) in Nigeria: More Exploitation Equals Less Development of Oil-Rich Niger Delta Region

Author:
Oluwatoyin Oluwaniyi
Publication Date:
12-2018
Content Type:
Journal Article
Journal:
Brazilian Journal of African Studies
Institution:
Brazilian Journal of African Studies
Abstract:
Nigeria is not exempted from the integration of developing economies into the global capitalist system. The origin of Nigeria’s integration can be traced to the influx of MNCs in the manufacturing and banking sectors during the colonial era. But by 1956, the discovery of crude oil in Oloibiri by Shell D’Archy, expanded the integration into the extractive sector and Multinational Oil Corporations (MNOCs) emerged as the main extractive bodies (Oluwaniyi 2010). From 1956, crude oil in the Niger Delta region has been central to Nigeria’s political economy, accounting for over 90% of its foreign revenue, defining its place in ‘ international relations’ (Raji; Yusuf and Samuel 2013, 24; Soremekun 2011, 99). Though some scholars have associated multinational oil corporations with the development of host states, Niger Delta region continues to languish in deep poverty. The oil-rich communities fail to enjoy benefits commensurate to the profits gained by the levels of exploration of crude oil and exploitation in the region. This paradox further underlines the violent crisis perpetrated by frustrated youth in the region (Obi and Rustad 2011). Likewise, Angola, Equatorial Guinea, and Sudan are also among the top five sub-Saharan African oil exporters but, in terms of development, their performance have been dismal (UNCTAD 2007). The effects of MNOCs’ presence have triggered debates on the extent to which they have contributed to the development or under-development in the region. It is against this background that it has become extremely pertinent to evaluate, in concrete terms, the effects of MNOCs’ activities in the Niger Delta region. The objectives of this paper include, to analyse the extent to which multinational oil corporations have delivered on their larger expectations in the Niger Delta region, the role of the state in mediating or perpetuating crises between the MNOCs and the oil-rich communities, and impacts on relations in the region.
Topic:
Development, Economics, Oil, and Multinational Corporations
Political Geography:
Africa and Niger

82. The Global Exchange (Special Edition: Energy)

Author:
Colin Robertson, Max Cleland, Dennis McConaghy, Amy Myers Jaffe, Petra Dolata, Monica Gattinger, Kelly Ogle, Dennis McConaghy, Michael Mousseau, Kenneth P. Green, John Haffner, and Jim Burpee
Publication Date:
07-2017
Content Type:
Journal Article
Journal:
The Global Exchange
Institution:
Canadian Global Affairs Institute (CGAI)
Abstract:
The Global Exchange is the Canadian Global Affairs Institute’s quarterly magazine featuring topical articles written by our fellows and other contributing experts. Each issue contains approximately a dozen articles exploring political and strategic challenges in international affairs and Canadian foreign and defence policy. This special issue focuses on energy.
Topic:
Security, Climate Change, Energy Policy, Environment, Oil, Water, Infrastructure, Gas, Regulation, Tax Systems, Risk, Services, and Renewable Energy
Political Geography:
Canada and North America

83. Society in the Persian Gulf: Before and After Oil

Author:
Lawrence G Potter
Publication Date:
01-2017
Content Type:
Working Paper
Institution:
Center for International and Regional Studies: CIRS
Abstract:
This essay takes as its focus society in the Persian Gulf over the long term, both before and after oil. In order to understand the transitions society has gone through, it is necessary to review the region’s historical evolution and how society in the Gulf today differs from that of the pre-oil era. The Gulf is presented as a distinct historical region, where a tradition of free movement helped account for the success of its port cities, themselves linked more to the Indian Ocean basin than the Middle East. In the twentieth century, the historic ties that connected the people of the Gulf littoral were curtailed as nationalism became the dominant ideology, and borders and passports were imposed. After oil was discovered and exports began following World War II, the small Gulf shaikhdoms, most of which were under British protection until 1971, experienced a surge in revenues that ushered in the modern era. Newly independent states sought to impose a new identity, manipulate history, and exploit sectarian cleavages to solidify the power of ruling dynasties. The historic cosmopolitanism of the Gulf was ignored by states that privileged the tribal, Bedouin heritage of their leaders. Arabs and Persians, both Sunni and Shi‘a, as well as many other groups have lived with each other in the region for many centuries, during which mutual differences occasionally led to conflict. But the current mistrust, tension, and sense of vulnerability felt by all sides is a product of the modern age.
Topic:
Nationalism, Oil, Regional Cooperation, Religion, Maritime Commerce, and Independence
Political Geography:
Middle East, Persian Gulf, and Indian Ocean

84. LEBANON IS BECOMING A NEW OIL AND GAS PRODUCER UNDER THE WATCHFUL EYES OF ITS CIVIL SOCIETY

Author:
Laury Haytayan
Publication Date:
06-2017
Content Type:
Journal Article
Journal:
Alternative Politics
Institution:
Department of International Relations, Abant Izzet Baysal University, Turkey
Abstract:
This short article is an overview of the recent oil and gas developments in Lebanon with a focus on the role of civil society in holding the decision makers accountable. From one side, it highlights the governance challenges and political uncertainties facing Lebanon. Corruption, ineffective oversight bodies and political deadlocks are some of the many challenges facing the country. From the other side, it puts emphasis on the role of civil society as the alternative oversight body capable of overseeing the management of the sector. A strong and informed civil society has a role in taking a seat on the Extractive Industries Transparency Initiative (EITI) multi-stakeholder group, in assisting the government in formulating policies and in informing the citizens about the many complex issues related to the oil and gas sector in the country.
Topic:
Civil Society, Oil, Gas, and Economic Development
Political Geography:
Middle East, Lebanon, and Beirut

85. Russia and the West: Energy Warfare

Author:
Mikhail Krutikhin
Publication Date:
03-2017
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
This paper is part of CTR's Working Paper Series: "Russia and the West: Reality Check." The nature and shape of the Russian oil and gas industry is not just Moscow’s concern. The ups and downs of Russia’s energy production and exports are factors that affect the global political environment. The influx of revenues from hydrocarbon sales determines the way the Kremlin behaves in the world arena, and the notorious unpredictability of the Russian political leadership becomes even more pronounced when oil prices show an appetite for instability.
Topic:
International Relations, Energy Policy, International Trade and Finance, Oil, Natural Resources, and Gas
Political Geography:
Russia, United States of America, and European Union

86. Azerbaijan’s Foreign Policy: What Role for the West in the South Caucasus?

Author:
Anar Valiyev
Publication Date:
03-2017
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
This paper is part of CTR's Working Paper Series: "Eastern Voices: Europe's East Faces an Unsettled West." Since gaining independence twenty-five years ago, Azerbaijan has pursued three major foreign policy goals: resolution of the Karabakh conflict based on the territorial integrity of the country; preservation of its own independence and security; and finally becoming the major regional player by using its energy and geographical positions. Azerbaijan’s foreign policy actions may be considered a kind of “silent diplomacy,” which Baku is using to gradually develop Azerbaijan’s role in the region, playing off of contradictions among other powers. During this time, Baku has taken some bold actions that indicate its policy is not dependent on regional powers and that its interests are to be taken into account. Today, looking at the fast-changing situation in the region, we can conclude that none of these goals have been fulfilled completely. In fact, the country is perhaps facing more challenges than before. The Karabakh conflict remains one of the most problematic issues. In terms of security and trade, Azerbaijan is still struggling to find its place in the mosaic of such institutions as the EU and the Eurasian Economic Union. In addition, the sudden drop in oil prices and the inability of the country to create a diverse economy has become another headache for the political establishment. Moreover, the lack of needed investments decreases the chances that the country will become a regional hub. This chapter reviews current problems challenging the country and recommends ways the transatlantic community can deal with Baku on pressuring issues.
Topic:
Foreign Policy, Diplomacy, Oil, Territorial Disputes, and Economic structure
Political Geography:
Eastern Europe, Azerbaijan, South Caucasus, and European Union

87. How to Cope with Volatile Commodity Export Prices: Four Proposals

Author:
Jeffrey Frankel
Publication Date:
07-2017
Content Type:
Working Paper
Institution:
The John F. Kennedy School of Government at Harvard University
Abstract:
Countries that specialize in commodities have in recent years been hit by high volatility in world prices for their exports. This paper suggests four ways that commodity-exporters can make themselves less vulnerable. (1) Option contracts can be used to hedge against short-term declines in the commodity price without giving up the upside, as Mexico has shown. (2) Commodity-linked bonds can hedge longer-term risk, and often have a natural ultimate counter-party in multinational corporations that depend on the commodity as an input. (3) The well-documented pro-cyclicality of fiscal policy among commodity exporters can be reduced by insulating official forecasters against an optimism bias, as Chile has shown. (4) Monetary policy can be made automatically more counter-cyclical, judged by the criterion of currency appreciation in reaction to positive terms-of-trade shocks, under either of two regimes: peggers can add the export commodity to a currency basket (CCB, for “Currency-plus-Commodity Basket”) and others can target Nominal Income instead of the CPI.
Topic:
Agriculture, Economics, Oil, Commodities, Currency Basket, and Indexed Bonds
Political Geography:
South America, Mexico, and Chile

88. The Currency-Plus-Commodity Basket: A Proposal for Exchange Rates in Oil-Exporting Countries to Accommodate Trade Shocks Automatically

Author:
Jeffrey Frankel
Publication Date:
03-2017
Content Type:
Working Paper
Institution:
The John F. Kennedy School of Government at Harvard University
Abstract:
The paper proposes an exchange rate regime for oil-exporting countries. The goal is to achieve the best of both flexible and fixed exchange rates. The arrangement is designed to deliver monetary policy that counteracts rather than exacerbates the effects of swings in the oil market, while yet offering the day-to-day transparency and predictability of a currency peg. The proposal is to peg the national currency to a basket, but a basket that includes not only the currencies of major trading partners (in particular, the dollar and the euro), but also the export commodity (oil). The plan is called Currency-plus-Commodity Basket (CCB). The paper begins by fleshing out the need for an innovative arrangement that allows accommodation to trade shocks. The analysis provides evidence from six Gulf countries that periods when their currencies were “undervalued”, in the sense that the actual foreign exchange value lay below what it would have been under the CCB proposal, were periods of overheating as reflected in high inflation and of external imbalance as reflected in high balance of payments surpluses. Conversely, periods when the currencies were “overvalued,” in the sense that their foreign exchange value lay above what it would have been under CCB, featured unusually low inflation and low balance of payments. These results are suggestive of the implication that the economy would have been more stable under CCB. The last section of the paper offers a practical blueprint for detailed implementation of the proposal.
Topic:
Economics, Oil, Exchange Rate Policy, Commodities, and Currency Basket
Political Geography:
Middle East, Saudi Arabia, and Gulf Nations

89. Venezuela: A Situation Report

Author:
Patrick D. Duddy
Publication Date:
12-2017
Content Type:
Journal Article
Journal:
American Diplomacy
Institution:
American Diplomacy
Abstract:
Venezuela remains in crisis. Popular support for the so-called Bolivarian revolution and its socio-economic model known as twenty-first century socialism has eroded dramatically. Polling suggests there is a near consensus among Venezuelans that conditions are bad and that the country is headed in the wrong direction but support for the opposition has also declined in recent months. International criticism of the Maduro regime is widespread. Countries representing over 90% of the region’s population have publicly called on the Venezuelan government to restore democracy. The economy is near collapse and both the country and the national oil company have been declared by various rating agencies and financial institutions to be in selective default. In response the Venezuelan government has looked ever more earnestly to China and Russia to bail them out. Recent assistance from Russia in particular has helped prevent a complete default but not improved circumstances inside the country,
Topic:
Oil, Politics, Natural Resources, Sanctions, Elections, and Democracy
Political Geography:
South America and Venezuela

90. Downstream Oil Theft: Global Modalities, Trends, and Remedies

Author:
Ian M. Ralby
Publication Date:
01-2017
Content Type:
Special Report
Institution:
Atlantic Council
Abstract:
This report is the first comprehensive study of the theft of refined oil products around the globe. It provides insight into the modalities and trends in oil theft, the culprits responsible, the stakeholders affected by illicit activities, and recommendations that could change the dynamics. It is divided into three parts.
Topic:
Energy Policy, International Political Economy, and Oil
Political Geography:
Global Focus