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The Changing World Petroleum System and Oil Power: On the US-SaudiAramco Triangle
Author(s): LU Ruquan, the Comprehensive Division of the International Department of China National Petroleum Corporation, China Institutes of Contemporary International Relations
Pages: 23-
42+157-158
Year: 2020
Issue:
3
Journal: Arab World Studies
Keyword: World Oil System; Oil Politics; Oil Power; Structural Power; Aramco;
Abstract: The world oil system is mainly composed of three types of actors:consumer countries, oil-producing countries and international oil companies. These actors constitute a unique triangular relationship,which is a structural feature of the world oil system. The core of the world petroleum system is oil power,which can be further divided into six sub-powers: resource (supply) power,market (demand)power,transportation (channel) power,pricing power,technology and management power,and financial power. What overrides oil power is the national security in which energy security is included. Since the WWII the changes in the world oil system have mainly revolved around national security and struggles among the six sub-powers. All the three actors have key means of influencing the world oil market. Their power at different stages determines the structural changes in the triangular relationship. The typical case has been the structural shift in the triangle of the U.S.,Saudi Arabia and Aramco since the WWII. In recent years,the ‘Shale Revolution ’ led by the U. S.,the OPEC +mechanism formed by Saudi Arabia and Russia,oil sanctions and anti-sanctions have foretold a newround of changes in the global oil system and oil power.
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