“For years, Mexico, Iran, Iraq, Algeria and Libya—most of them among the top 10 producers world-wide—were fiercely nationalistic when it came to oil. They either offered Western companies punitive terms to develop their reserves or didn’t do business with them at all, controlling their supplies tightly with state-owned companies. Now, facing a range of problems, these nations are offering Western companies generous deals to win their help. In Iran, Libya and Algeria, the population is addicted to low energy prices and high oil-funded social spending. All of that is in jeopardy as countries struggle to boost production—and new revenue is needed to quell potential unrest.”
http://online.wsj.com/articles/SB10001424052702303663604579503920995245090
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