When the OPEC Member Governments took over full responsibility for the pricing of their crude oil exports in 1973–74, it marked the end of an era as far as the major international oil companies and the industrialized consuming countries were concerned. Some of the implications of this momentous decision took a few more years to work themselves out. But basically it was clear that the time-span of control by the major multinationals over the oil resources of the main exporting areas was drawing to a close after nearly three-quarters of a century.
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- 1.Helmut J. Frank: Crude Oil Prices in the Middle East, New York, Praeger, 1966, p. 129.Google Scholar
- 3.Frank, op. cit., p. 32. FTC Staff Report, pp. 362–3. Also see M.A. Adelman: The World Petroleum Market, Baltimore, Johns Hopkins University Press, 1972, p. 134 et seq.Google Scholar
- 5.Frank, op. cit., pp. 54 and 55–60. FTC Staff Report, pp. 364–368. For discussion of the rationale for the 1948–49 reductions in Middle East crude prices, see also Adelman, op. cit., pp. 138–39; and Edith T. Penrose: The Large International Firm in Developing Countries — The International Petroleum Industry, London, George Allen and Unwin, 1968, pp. 183–188.Google Scholar
- 7.See also Taki Rifai: The Pricing of Crude Oil, New York, Praeger, 1974, p. 51–52.Google Scholar
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