Much Of The World's Oil Is Owned By Governments. There's No Good Reason For This.

 In many oil-producing countries, governments own the resource that they're extracting.

I will especially focus on making the argument that attempts of governments to own petroleum, or any resource, is an inherently unethical act with respect to libertarian ethics, save for a few situations that I will detail at the end.

A resource, which was not previously owned or which was abandoned, may be partially or fully owned by an individual actor who appropriates the resource in use or in production.

No individual can exercise ultimate disposal of the company's resources.

Article 21 of Kuwait's Constitution declares that "All of the natural wealth and resources are the property of the State. The State shall preserve and properly exploit those resources, heedful of its own security and national economy requisites." This leaves the most important natural resource in Kuwait, petroleum, in the hands of the state.

A state can own resources by two methods: either by homesteading, wherein an official has the capacity of ultimate disposal of the resource, or by threatening others from homesteading the resource.

Under the threat of aggression, he is not allowed to homestead a resource that was previously not owned.

https://mises.org/wire/much-worlds-oil-owned-governments-theres-no-good-reason