For years, Mexico, Iran, Iraq, Algeria and Libya—most of them among the top 10 producers world-wide—were fiercely nationalistic when it came to oil. They either offered Western companies punitive terms to develop their reserves or didn’t do business with them at all, controlling their supplies tightly with state-owned companies. Now, facing a range of problems, these nations are looking to tap more of their reserves—and they’re offering Western companies generous deals to win their help. What could it all mean? Plenty. Windfall for Countries In many cases, liberalizing represents a potential economic boon for countries. Asset manager BlackRock says liberalization could add a full percentage point to Mexico’s annual gross-domestic-product growth—equivalent to about $12 billion. There are local and global political considerations in play, too. In Iran, Libya and Algeria, the population is addicted to low energy prices and high oil-funded social spending. All of that is in jeopardy […]