“He who has oil has empire.” –Advisor of French Prime Minister Georges Clemenceau, December 1919
Oil has been called the lifeblood of the world economy. Whoever controls more energy resources has – pardon the pun – more power.
As worldwide oil consumption has grown exponentially during the past decades – from almost 60 million barrels per day in 1980 to nearly 91 million barrels per day in 2013 – countries that export oil have experienced strong economic gains. Oil profits are often linked to an increase in defense spending, with oil-exporting countries better able to acquire advanced weapons systems or build their internal security capabilities.