The concept of “political peak oil” (an obscure, unpleasant term I admit) has been floating around under that name or as “geopolitical peak” (even worse) for years. Large oil companies based in the US, and UK, and France - known as the ‘oil majors’ - cumulatively control, at most, 15 to 20% of proven global oil reserves, while nationalized oil companies control the remainder. Venezuela would be an example of the latter.

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