Ninety percent of the world's oil reserves are entrusted to state-owned companies. Originally created as political instruments, these so-called national oil companies (NOCs) face new demands amid today's dwindling oil reserves and simmering social pressures. Increasingly, state-owned oil firms-particularly in the Middle East-must balance the political demands of their governments with the need to be commercially competitive. In this ground-breaking new volume, Valérie Marcel draws on unprecedented access to the politicians, engineers, and businessmen directing five Middle Eastern state oil companies to illuminate one of international industry's most secretive yet powerful sectors.