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﻿﻿Global oil supplies: The impact of resource nationalism and     political instability /  Giacomo Luciani. Brussels : CEPS, May 2011,     23 p. (CEPS working document ; 350)http://www.ceps.eu/book/global-oil-supplies-impact-resource-nationalism-and-political-instabilityThis paper looks at resource nationalism and political         instability as potential causes of disruption to global oil         supplies. It points to depletion preferences and strategies as         one form of resource nationalism. In most cases, resource         nationalism appears to be motivated by rent maximisation. Hence,         we see the adoption of more restrictive policies when prices         rise. Conversely, when oil prices are low, increasing export         volumes becomes more important. Restrictions on exports are         common, especially for natural gas, which is sometimes reserved         for national consumption. Export taxes are a tool used by some         countries to extract revenue from oil producers. Domestic prices         of gas and petroleum products are frequently much lower than         international prices, also in some sense reducing availability         for export. Political instability has a much more elusive impact         on oil and gas exports, and historical experience points to         contradictory potential outcomes. This paper concludes that         political instability and resource nationalism are rarely         associated with acute supply crises or shortfalls. Their effect         is rather gradual and normally compensated by action in other         parts of the system. (© CEPS)