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67-610: Deutsche Börse AG ( German pronunciation: [ˈdɔʏtʃə ˈbœʁzə] ), or the Deutsche Börse Group , is a German multinational corporation that offers a marketplace for organizing the trading of shares and other securities . It is also a transaction services provider, giving companies and investors access to global capital markets . It is a joint stock company and was founded in 1992, with headquarters in Frankfurt . On 1 October 2014, Deutsche Börse AG became

134-570: A Deutsche Börse subsidiary , the International Securities Exchange , divest its 31.5% interest in Direct Edge . NYSE Euronext and Deutsche Boerse AG delayed the deadline for completing their merger until 31 March 2012, as the exchange operators try to persuade European regulators to approve the deal. The European Commission blocked the merger on 1 February 2012, citing the fact that the merged company would have

201-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

268-515: A company or group should be considered a multi-national corporation "if it derives 25% or more of its revenue from out-of-home-country operations". Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were

335-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

402-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

469-511: A merger with Euronext which would have brought two of the biggest stock exchanges in Europe into one holding. The New York Stock Exchange beat out Deutsche Börse's final bid for Euronext in 2006. Since 2007, Deutsche Börse operates the joint venture Scoach with SIX Swiss Exchange to provide a European derivative trading platform. In July 2015, Deutsche Börse bought the 360T company for €725 million and also acquired all shares (100%) of

536-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

603-562: A near monopoly. This measure taken by the EC is the fourth blocking in over a decade. The commission rejected the merger on antitrust grounds, saying the combined businesses would dominate Europe's on-exchange derivatives trading with an estimated 93% market share. "This is a black day for Europe and its global competitiveness on financial markets", said former Deutsche Börse chief executive Reto Francioni. NYSE Euronext chairman Jan-Michiel Hessels said: "While we are disappointed and strongly disagree with

670-509: A result of the merger of NYSE and Euronext) to create the world's leading stock exchange. While the company claims that it pursued the matter, on 8 December 2008, it reported that talks which began on 25 November 2008, were closed without any result due to differences in valuation of the company. Deutsche Börse had also considered the acquisition again in 2009. On 9 February 2011, reports suggested that NYSE Euronext and Deutsche Börse were in advanced talks about an all-stock merger. Deutsche Börse

737-421: Is a corporate organization that owns and controls the production of goods or services in at least one country other than its home country. Control is considered an important aspect of an MNC to distinguish it from international portfolio investment organizations , such as some international mutual funds that invest in corporations abroad solely to diversify financial risks. Black's Law Dictionary suggests that

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804-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

871-775: Is one of the world's largest trading centers for securities. With a share in turnover of around 90%, it is the largest of the German stock exchanges . Deutsche Börse AG operates the Frankfurt Stock Exchange. Deutsche Börse is the owner of Clearstream , a clearing house based in Luxembourg. Despite the COVID-19 pandemic, Deutsche Börse was able to increase its turnover by 15% and its net revenue by 9% in 2020 compared to 2019. In addition, Deutsche Börse's workforce grew by 463 employees in 2020. On 3 May 2000, it

938-441: Is part of the much larger NYSE Euronext, which is approximately six times the size of Deutsche Börse. President and deputy CEO of NYSE Euronext Dominique Cerutti would become the new company's president and head of commercial and internal technology. Roland Bellegarde, also of NYSE Euronext, would become the head of European cash equities. The new company would potentially have €300 million (US$ 410 million) in cost savings. However,

1005-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

1072-980: The British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

1139-522: The European Union , the U.S. and Russia. The London Stock Exchange said Russian approval was needed because it owns Exactpro, a firm with offices in Russia specializing in quality assurance for exchanges and financial organizations. The European Commission opened an in-depth investigation into the proposed Deutsche Börse/LSEG merger on 28 September 2016. The European Commission delayed its decision on

1206-603: The London Docklands , England). The event raised £2.6 million for charity and included firms such as Marex Spectron , Trading Technologies, Futex, Oak Futures and the London Metal Exchange . Multinational corporation A multi-national corporation ( MNC ; also called a multi-national enterprise ( MNE ), trans-national enterprise ( TNE ), trans-national corporation ( TNC ), international corporation , or state less corporation , )

1273-1118: The 14th announced member of the United Nations Sustainable Stock Exchanges initiative . On 23 August 2023, the company formed EuroCTP as a joint venture with 13 other bourses, in an effort to provide a consolidated tape for the European Union , as part of the Capital Markets Union proposed by the European Commission . More than 3,200 employees service customers in Europe , the United States , and Asia . Deutsche Börse has locations in Germany , Luxembourg , Switzerland , Czech Republic , and Spain , as well as representative offices in Beijing , London , Paris , Chicago , New York , Hong Kong , and Dubai . FWB Frankfurter Wertpapierbörse ( Frankfurt Stock Exchange ),

1340-670: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

1407-662: The Art Collection Deutsche Börse, which today comprises more than 900 mostly large size works from around 90 international artists. In 2005, the stock exchange became the sponsor of the annually awarded Deutsche Börse Photography Prize of the Photographers' Gallery in London, which was started up in 1996 by the gallery, to promote the best work by contemporary photographers. Deutsche Börse Group have participated in and sponsored many events, including Futures For Kids Annual Football Tournament (held in

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1474-509: The EU decision, which is based on a fundamentally different understanding of the derivatives market, it is now time to move on". In March 2016, the company announced it had reached an agreement with London Stock Exchange Group to merge. The companies were to be brought under a new holding company, with a temporary placeholder name of UK TopCo, and would have retained both headquarters in London and Frankfurt. The deal needed approval from regulators in

1541-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

1608-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

1675-574: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

1742-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

1809-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

1876-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

1943-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

2010-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

2077-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

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2144-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

2211-629: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

2278-766: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

2345-507: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

2412-501: The acquisition of 100% of Luxembourg -based fund data manager Kneip. In April 2023, Deutsche Börse agreed to buy Danish investment management software firm SimCorp for € 3.9 billion . In August 2023, Deutsche Börse announced the acquisition of the Luxembourg -based distributed ledger technology company, FundsDLT. On 7 December 2008, Deutsche Börse rebuffed rumors that it might join with NYSE Euronext (the company formed as

2479-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

2546-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

2613-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

2680-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

2747-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

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2814-672: The deal by 15 working days to 6 March 2017. LSEG planned to hive off the French half of its LCH SA arm in a bid to ease EU concerns about the deal, although the companies had not formally submitted any concessions to the commission. In February 2017, the Commission required that the parties commit to the divestment of LSEG's majority stake in fixed-income sovereign bond trading platform MTS S.p.A. LSEG stated it would not sell MTS in Italy to appease anti-trust concerns. The planned merger between

2881-688: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). SimCorp SimCorp A/S is a global company providing software and services to financial institutions such as asset managers , banks , central banks , pension funds , sovereign wealth funds and insurance companies worldwide. Founded in 1971, it has over 3000 employees. SimCorp is headquartered in Copenhagen and has offices in over 35 locations throughout Europe , Asia , and North America . Listed on

2948-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

3015-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

3082-576: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

3149-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

3216-462: The joint venture STOXX AG for a purchase price of CHF 650 million from the SIX Group. On September 16, 2019, Deutsche Börse has announced its acquisition of Axioma Inc. which was combined with STOXX and DAX to form Qontigo . As part of the transaction, Deutsche Börse has entered into a strategic partnership with General Atlantic , a global equity firm. In March 2022, Deutsche Börse announced

3283-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

3350-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

3417-494: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

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3484-543: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

3551-470: The merger would be subject to review in both the United States and European Union under concerns it could create a "de facto monopoly". NYSE Euronext shareholders approved the Deutsche Börse's all-stock deal on 7 July 2011, and Deutsche Börse shareholders had accepted the deal by 15 July 2011. On 22 December 2011, Deutsche Boerse won U.S. antitrust approval to buy NYSE Euronext, on the condition that

3618-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

3685-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

3752-520: The resignation of the chairman. On 16 November 2017, Theodor Weimer was appointed as new CEO of Deutsche Börse AG, effective January 2018. In September 2024, the EU Commission said it had carried out unannounced inspections at the offices of Deutche Börse over potential anti-competitive practices. Deutsche Börse Group is a major sponsor of contemporary photography. In 1999, the Group established

3819-501: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

3886-439: The two exchanges, which was estimated to create the largest exchange in Europe, was subsequently described as "at risk" by The Wall Street Journal . The merger attempt was blocked by EU Competition Regulator on 29 March 2017 stating that "The Commission's investigation concluded the merger would have created a de facto monopoly in the markets for clearing fixed income instruments". In October 2017, several shareholders called for

3953-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

4020-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

4087-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

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4154-652: Was announced that the London Stock Exchange would merge with Deutsche Börse, though the deal fell through before the merger could be realized. In 2001, Deutsche Börse tried again to merge with the London Stock Exchange, followed by a takeover bid in late 2004, but both offers rejected by the LSE. After CEO Werner Seifert was forced to resign by the main shareholders in 2005, Deutsche Börse changed plans and entered into advanced negotiations for

4221-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

4288-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

4355-446: Was in advanced talks to buy NYSE Euronext in a deal that would create the world's largest trading powerhouse. The shares of both companies were temporarily frozen on the news due to the risk of large price movements and clarifications of the deal. A successful deal would see the new company becoming the world's largest stock exchange operator with a market capitalisation of listed companies equal to US$ 15 trillion, US$ 13.39 trillion of which

4422-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

4489-513: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

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