ABSTRACT
The Arab oil policies of the 1970s have created impressive opportunities for the oil-exporting countries, but have simultaneously imposed heavy responsibilities on them. The first area in which the new oil policies have created important opportunities for the oil countries is obviously that of the acquisition of the necessary skills and institutions which the take-over of the power of control of the 1970s made possible. The significance of the expanded role of national oil companies (NOCs) is difficult to exaggerate, as the NOCs have taken over the functions of the foreign oil concessionary companies. The NOCs are in the process of acquiring a large body of capabilities and skills, of a technical, administrative, economic, financial, legal, and institutional nature. There have been repeated occasions when the discussion of oil policies in their national and regional context has had to move into the area of international relations. This is unavoidable because of the close interrelationship between the two areas.
