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Oil and Gas Resources of the Middle East and North Africa: A Curse or a Blessing?

In: The New Energy Crisis

Author

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  • Marie-Claire Aoun

Abstract

The area covering the Middle East and North Africa (MENA) occupies a key position in the geopolitics of energy. This region, which represents 6 per cent of the world’s population, contains 59 per cent of world oil reserves and 45 per cent of world gas reserves. Some of these countries are rich or very rich. However, this windfall wealth is unevenly distributed and does not automatically lead to economic development. Indeed, many of these countries suffer from what the economists call the ‘resource curse’ (more specifically here the oil curse). The oil curse creates economic distortions that impede economic development. Oil dependence can also have a negative impact on the quality of institutions, in particular when it concerns democracy and corruption. For most of these countries, climate change is not considered as a real issue and energy prices are heavily subsidised.

Suggested Citation

  • Marie-Claire Aoun, 2013. "Oil and Gas Resources of the Middle East and North Africa: A Curse or a Blessing?," Palgrave Macmillan Books, in: Jean-Marie Chevalier & Patrice Geoffron (ed.), The New Energy Crisis, edition 2, chapter 5, pages 133-160, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-02118-2_5
    DOI: 10.1007/978-1-137-02118-2_5
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