ABSTRACT
At the Fourth World Petroleum Congress, Mr. Levy presented a paper on the theme of interdependence of interests and relationships among all parties to oil as the fundamental explanation of the astonishing expansion in its supply. Regarding the producing countries, the world's very large known oil deposits are concentrated in four major areas: the United States, the USSR, the Caribbean and the Middle East. The functioning of world oil operations is based on the joint endeavors and the continuous contribution of all the participants. The oil company's contribution lies in the field of capital and skill. It must make huge investments to provide most of the facilities from production to distribution involving, particularly in the early exploration stages, very great risks. The economically underdeveloped producing countries lacked the capital and know-how to develop the resources and distribute the oil; these essential tasks could be carried out only by the oil companies.
