| Popis: |
This chapter shows that commercial interests, as well as political ones, drive the global expansion of NOCs. First, rising oil prices encourage NOC outward investments by increasing the perceived commercial benefits of NOC outward investments: While NOCs from oil importing countries see an opportunity to seize a greater share of production abroad as the price of oil increases, NOCs from oil exporting countries leverage additional revenues to expand markets for their crude. The chapter’s statistical analysis finds a robust association between oil prices and upstream NOC outward investments among oil importing countries and a similar association between oil prices and downstream NOC outward investments among oil exporting countries. Second, concerns about energy security can also encourage NOC outward investments, as countries seek out additional sources of fuel supply as an insurance against potential interruptions. My statistical analysis finds an association between foreign oil dependence and NOC outward investments in the upstream segment. |
