I'm deep into modding my modern day mod for March of the Eagles, and I'm trying to find out how I should model the fact that some countries sit on oil and because of that they can get rich.

First, however, I need some basic information on how the global oil market works.

I know that a country has two choices, nationalization or privatization. What I wonder is, what sort of kickback does a country get if it's privatized? Every year or so they probably get a bunch of money from the companies who're taking it from them, right? And what about if it's nationalized? They have to sink a base cost into making the infrastructure needed to extract and sell it themselves? (Potentially more money but also a heavier startup cost?)

Then comes the entire issue of international oil trade. If you've decided to nationalize your oil, I assume you need to chose to whom you're going to sell? Does every single country/government have an oil need? How does a government choose where to get their oil? Do they convene every financial period and say "OK, where are we going to get our oil from today? Will we get it from [List of countries who've nationalized oil] or [private oil company]?"

This might not be the correct place to ask this, but I just need some help from a seasoned economist or armchair economist so I can go ahead and mod the events. My hope is that when I'm done there'll actually be some kind of economy in the game, oil-bearing countries will be filthy rich and the goal will really be to seize some provinces that can produce oil, or at least have a vassal seize them (this will encourage proxy wars)

Thanks for your help /r/paradoxplaza! I appreciate it :^>