Oil and the Political Economy in the Middle East: Post-2014 Adjustment Policies of the Arab Gulf and Beyond

The global price of crude oil declined in 2014, causing major repercussions across the Middle East for net oil exporters and importers. This book offers a comprehensive analysis of the Middle Eastern political economy in response to the oil price decline, connecting oil market dynamics with socio-political changes. The contributors present original studies on Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, revealing a diversity of country-specific policy adjustment strategies. The book also includes timely contributions on the COVID-19-induced oil price crash in 2020, highlighting that rentierism still prevails in both empirical dynamics and academic discussions.

\n Format: Hardback
\n Length: 296 pages
\n Publication date: 17 August 2021
\n Publisher: Manchester University Press
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The decline in the global price of crude oil, which began in mid-2014, had far-reaching consequences for net oil exporters and importers in the Middle East, particularly those closely linked to oil-producing countries in the Gulf. This decline, following the Arab uprisings of 2010 and 2011, represented a significant shock to the region in the early twenty-first century, one that continues to impose constraints but also presents opportunities. This book offers the first comprehensive analysis of the Middle Eastern political economy in response to the 2014 oil price decline, connecting oil market dynamics with an understanding of socio-political changes.

Inspired by the concept of rentierism, the contributors present original studies on Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. These studies reveal a wide range of country-specific policy adjustment strategies employed in response to the decline. For instance, migrant workers in the Arab Gulf faced significant challenges during the post-2014 period but were unable to repel burdensome adjustment policies. In contrast, Egypt, Jordan, and Lebanon, despite expectations of benefiting from the oil price decline, have yet to fulfill these expectations.

In addition to the analysis of the 2014 oil price decline, this collection includes timely contributions on the COVID-19-induced oil price crash in 2020. This underscores the persistence of rentierism in both empirical dynamics in the Middle East and academic discussions on its political economy. The book serves as a valuable resource for scholars, policymakers, and anyone interested in understanding the complex relationships between oil markets, socio-political changes, and regional dynamics in the Middle East.

\n Weight: 606g\n
Dimension: 164 x 240 x 25 (mm)\n
ISBN-13: 9781526149091\n \n