Nationalization of the oil industry

Nationalization of the oil industry occurs when a government takes control of oil resources, companies, and operations within its borders, shifting ownership from private or foreign entities to the state. This process aims to ensure that the profits and benefits from oil are used for national development, reduce foreign influence, and enhance energy security. It often involves governments establishing state-owned oil companies or taking over existing private businesses. While it can boost national control and revenues, it also requires managing the complexities of running such large industries and balancing investment and efficiency.