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Expropriation and nationalization of private oil properties, and the growth of government oil companies, extended public ownership in oil. However, the primary result of postwar government petroleum policies was to enhance competition in the industry. Governments encouraged new entrants, which diffused the structure of the industry. The number of competing firms increased, and the market positions of the largest international oil companies declined, reducing concentration. As the entrants developed more concession areas, the growth of petroleum supply relative to demand accelerated, intensifying competition in both crude oil and product markets, and depressing prices and rates of return on investment. (en) |
