ABSTRACT
In the 1960s the disputes between Government and companies were largely centred around the interpretation of the legal provisions. The oil companies are still needed by oil-producing countries to perform the downstream operations and to market their oil products throughout the world. The influence of the majors in the markets remains predominant, though somewhat impaired compared with a decade or two ago. In its early years of production — 1962-4 - Libyan oil contributed to a weakening of oil prices in Europe, partly because of price-cutting and other measures taken by two of the Oasis companies — Continental and Marathon — to obtain footholds in the markets. A large oil production and export industry may reasonably be expected to bring to a country with a small population such as Libya wealth and prosperity. To economic development in Libya great funds have been allocated and progress made.
