Economics of Oil and Its Stability in the Gulf Region

Authors: Al Mutawa A. Amir, Liaqat Ali, Faisal Ali

Abstract:

After the World War II, the world economy was disrupted and changed due to oil and its prices. The research in this paper presents the basic statistical features and economic characteristics of the Gulf economy. The main features of the Gulf economies and its heavy dependence on oil exports, its dualism between modern and traditional sectors and its rapidly increasing affluences are particularly emphasized.  In this context, the research in this paper discussed the problems of growth versus development and has attempted to draw the implications for the future economic development of this area.

Keywords: Oil prices, Gulf Cooperation Council, economic growth, Gulf oil.

Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1129932

References:

[1] Machlup, F. (1977) A History of thought on Economic Integration London Macmillan.
[2] Simai, M. and Garam (1977) Economic Integration concepts, Theories and problems Akardemiai Kiado Budapest.
[3] Al Mutawa A Amir Thesis title “Some Aspects of Regional Economic Co-operation among Gulf Countries with Special Reference to Bahrain’s Foreign Trade” P002 , Brihan Maharashtra College of Commerce- University of Poona – Poona May 1987.
[4] The Kingdom of Saudi Arabia 1979 Stacey International – London and Opec-“fair Price” pronouncements and the Market price of crude oil , by Brunetti, celso,Kirsten R Energy Journal-2013 Vol 34 Isue 4 p 79-108
[5] Balassa, B. (1962) The theory of Economic Integration – Allen and Unwin London.
[6] Ropke, Mikesell R. F. (1957) Liberalization of Inter- Latin American trade Washinton D C Pan American Union.
[7] Heilperin, M. A. (1957) Freer Trade and Social Welfare – International Labour Review pp173-192.
[8] Maurice, B. (1958) Freer Trade and Social Welfare comments on MrHeliperinn’s Article-International Labour Review January pp38-47
[9] El Aqraa A M (1980) The Economics of the European Community Oxford Philip Allan.
[10] Lipgens W (1968) European Federalism in the Political thought of resistance movements during World War II – Central European History March.
[11] Andre Philip (1957) Social Aspects of European Economic Cooperation, International Labour Review September 1957 pp255
[12] Prebisch R (1959) Latin American Common Market New York United Nations.
[13] Al-Taawun 1986 – Gulf Journal published by General Secretariat of Cooperation Council for the Arab States of the Gulf –Saudi Arabia Issue N.
[14] OPEC, Annual Statistical Bulletin, 1982.
[15] The Resource Base for Industrialization in the Gulf Cooperation Council Countries: A Framework for Cooperation United Nations Industrial Development Organization (UNIDO) 1983.