The dominant position of the oil-producing countries is being challenged in the international oil market by the large international oil companies. The large private international oil companies, already comparable in size to the largest of the NOCs, have managed to make significant advances in...

As regards close-out netting provisions and financial collateral arrangements, one of the main consequences of the recent financial crisis has been the review of the privileged status of these instruments. This paper describes, in general terms, these changes and analyzes the policy underlying...