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Deregulation and reform of petroleum markets - from monopolies to new regulated markets (Inglês)

International oil markets have evolved significantly, and a competitive market has emerged that is setting internationally accepted prices for crude and refined products. In many developing countries, structural reform of petroleum markets has become a critical component of macroeconomic liberalization policies. The role of the government in the petroleum sector is being redefined, and markets are being deregulated (i.e., state interventions such as special treatments of state-owned oil companies, price controls, and restrictions to trade are being removed, and monopolies are being broken up). Increasingly, the private sector is participating in more competitive petroleum markets. If it is to be successful, such structural reform must by accompanied by minimal but effective "new-style" regulation. Drawing on the recent experiences of several Latin American and Caribbean (LAC) and Sub-Saharan African (SSA) countries, this note reviews the successes and problems of implementing structural reform and "new-style" regulation and proposes some general lessons.




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