Middle East Institute, Washington
Washington, DC: 26/10/2021
Following the Arab Spring uprisings, the 2014 downward slide in the global price of crude oil marks a second major shock for the Middle East in the 21st century. It had major repercussions across the region for oil exporters, as well as for importers connected to oil-producing countries from the Gulf. The decline has continued to impose constraints, but also opportunities for policy adjustment strategies potentially leading to strengthened political economies throughout the region.
A recently published volume, Oil and the Political Economy in the Middle East, offers a comprehensive analysis of the Middle Eastern political economy in response to the 2014 oil price decline with timely contributions on the Covid-19 induced price crash in 2020.