Nationalization of Oil

Nationalization of oil refers to a government taking control of oil resources and industries that were previously owned by private companies, often foreign. This process aims to ensure that the profits and control of valuable oil reserves benefit the nation and its citizens directly. It can involve expropriating assets, establishing state-owned oil companies, and regulating operations. While it can help improve national revenues and sovereignty, it may also affect foreign investment and operational efficiency. Overall, nationalization seeks to prioritize the country's interests over private or foreign profits in the oil sector.