ABSTRACT
The previous chapter has discussed opec’s role in bargaining for larger government revenues. The second form of economic benefits accruing from the production and export of petroleum are those derived by the nation, including income accruing to the state as well as to workers, suppliers, contractors, and others. These global benefits derived from the oil industry and retained by individual oil exporting countries must be analysed in relation to the cost of commodities they import – the terms of trade.
