With little experience in dealing with the cruel and abrupt swing of commodity prices, the once arrogant and illicit petrostates, Russia and Venezuela, are quietly creeping back to the international oil companies (IOCs) hat in hand, asking for some capital.  But what will the Exxons and the Chevrons of the world do this time to make sure they don’t just have everything stolen from them again?  (artwork from an earlier Josh Kurlantzic piece published in Mother Jones)

From the Financial Times:

Dave O’Reilly, chief executive of Chevron, said the oil-rich countries that erected barriers to international oil companies amid the run-up in commodity prices were now seeking their expertise in managing the drastic fall.

“They’re back now looking for [our] investment,” Mr O’Reilly told Chevron’s annual analysts’ meeting. (…)

The oil-rich nations now require the expertise of the international oil companies to get costs down and grow production to maintain their economies. “This is a time they need companies like ours more than ever,” Mr O’Reilly said. “That threat [to further nationalise] has receded quite a bit.”