FROM A POOR REGION TO BECOMING THE RICHEST OIL RESERVES IN THE WORLD - AN ANALYSIS ON MIDDLE EAST STRUGGLE AND THE FUTURE OF OIL IN THE WORLD

Authors

  • Dr.Sumanta Bhattacharya Research Scholar at MAKAUT , Public–Foreign-Defence Policy Analyst , C.E , CH.E , CCIO M.Tech , MA in Development Studies, LLB , DIA&D , DG&GS ,PGCPP&A , MPI(oxford University)
  • Dr. Jayanta Kumar Ray National Research Professor ,Ministry of Human Resource Development ,GOI ,Former Centenary Professor of International Relation, Department of History , CU, and Institute of Foreign studies , CU and Honorary Consultant for Research in Indo-Bangladesh Relations, Kolkata, Former Chairman ,Maulana Azad Kalam Azad Institute of Asian Studies, Kolkata .
  • Shakti Sinha Honorary Director , Atal Bihar Vajpayee Institute of Policy Research and International Studies
  • Bhavneet Kaur Sachdev Political Science hons ( Calcutta University ),Masters in Development studies

Keywords:

Middle East, Oil reserves, Civic wars

Abstract

With the failure of Arab Spring in many countries in the Middle East which has resulted in the forming of rebel government and Islamic based terrorism groups , Middle East has been a complex region which has experienced massive proxy wars . Saudi Arabia and Iran the two powerful countries who are also engaged in proxy war against each other by supporting opposing sides , The Syrian crisis is an ongoing war which has crossed a decade and which has killed millions of people . Middle East because of its vast oil reserves and geographical location has been a region of global attraction. It exports more than 60% of the oil to the world , and is dependent on only one commodity for their economy . With the world shifting towards electrification and adoption renewable source of energy , resulting in economic crisis for the Middle East countries , which will accompanied by Civil wars which the Arab countries will hit against each other . However countries like Dubai , Saudi Arabia and Bahrain are working on alternative source of economy development , which has been a success , Either the Middle East countries have to find other sectors for their investment and economic growth or starve to death by indulging in civic wars like Syria .

References

Natasha Turak ,2020 , October , IMF reveals 2021 forecasts for oil prices and the Middle East Economy, CNBC

BERIUT , June , 2020 , The end of the Arab World’s oil age is nigh, The Economist .

Bright E.Okogu , 2003 , The Middle East and North Africa in a changing Oil Market , International Monetary Fund .

Eugene V. Rostow , 1971 , The Middle Eastern Crisis in the Perspective of World Politics International Affairs , Volume 47 , No 2 , JSTOR .

Wiliam B.Quandit , The Middle East Crises . Foreign Affairs

Yannis Stivachitis ,2019 , April , Political (In) Security in the Middle East . E-International Studies

L . Sarant , 2016 , August , The Middle East : A end to oil dependency , nature .

Mustafa Balat , pp 821-828 , 2006 , September , the position of oil in the Middle East : Potential Trends , Future Perspectives , Market and Trade , Energy Sources , Part A :Recovery , Utilization and Environmental Effects .Volume 28 .

Anastasija Malachova , 2012 , October , The Middle East and Oil : Economic Modernisation and Political Stagnation . E-International Relations .

Nader Kabani , Nejla , Nejla Ben Mimoune , 2021 , January , Economic diversification in the Gulf :Time to redouble efforts .BROOKINGS

Economic Diversification in oil-exporting countries Arabs countries , International Monetary Fund .

Downloads

Published

2021-10-22

Issue

Vol. 9 No. 10 (2021): GIIRJ

Section

Articles

License

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Most read articles by the same author(s)

1 2 > >>