Conclusion

The analysis presented in this book aimed at demonstrating an evolving character of the state-market relations in one of the most strategic spheres of IPE. This book’s contributions revealed that states and markets reflect interdependent institutions, which change their essence over time. Structural powers of production, knowledge, finance, and security have a strong impact on the hydrocarbon markets and policies (Chapter 1). At the same time, the primary institutions of states and markets are different and therefore both follow divergent logics (Chapter 2). Strategies of actors, their expectations of results, and priorities cannot be the same. Once again, the general observation was confirmed: states tend to use hydrocarbon markets to their advantage, whereas market institutions (companies and traders) tend to bypass national borders. Security and sovereignty are state priorities, while managing a complex chain of the sectors and getting profits are the inherent logic of the markets. National laws and policies, energy diplomacies, and various inter-state institutions are based on sovereignty. Norms and practices in the hydrocarbon sectors themselves stem from trade and investment institutions.