Energy ‐ and in particular petroleum ‐ is an eminently transnational commodity, with abundant supplies in excess of domestic needs available in a few countries, while large actual or potential requirements are present in other countries. This paper examines the forces which have influenced the behaviour and strategies of protagonists ‐ given their interests and objectives. It endeavours to distinguish the fundamental factors from those of a transient or reversible nature. Though recognizing that keen competition and acute rivalry have existed and will continue to exist in the oil‐cum‐energy market, the paper concludes that a measure of dialogue and understanding ‐ possibly verging on some cooperation in certain areas ‐ could well avoid crises and promote global welfare in the interest of consumers, producers and business i
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