Another challenge companies have faced has been natural. With the American and Mexican coasts being hit by hurricanes and insurgents targeting oil pipelines and drilling facilities inIraq, the companies in the industry saw mounting challenges in terms of security and sustained production. This trend was bucked in part by the accompanying surge in oil price but it still presented a continuous problem. The Global Petroleum Survey conducted by the Fraser Institute in 2008 highlighted some trends in terms of investment in the industry.
In particular, there has been the ever present competition between private run and state run oil companies, where the latter controls the majority of the world’s oil reserves. A certain level of hostility towards the private companies has been observed inVenezuela,Russia,IranandYemenwhere political instability, constant changes in regulations and legal framework and some cases of dishonoring contracts have discouraged private investment in the oil industry and further expansion.
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