For Saudi Arabia and the remaining Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar and United Arab Emirates), which together account for around 40 percent of the world’s oil reserves and the lion’s share of OPEC’s collective output, their future oil strategy should be an exclusively GCC affair, away from the stress and dysfunction of OPEC.
Publications
Subsidies in the GCC are a tradition that is particularly difficult to justify, and Twain’s maxim has likely underlain some of the challenges faced by the Gulf governments as they have tried to scale back subsidies. Biases in the way that humans think present additional obstacles to reform.
This is the Thatcher revolution for Saudi Arabia?,” is the question that The Economist recently posed to Deputy Crown Prince Muhammad Bin Salman, regarding his comprehensive economic reform plan…
The governments of the Gulf Cooperation Council (GCC) states have long been searching for the best way to diversify their economies, and in the wake of falling oil prices, they have accelerated their search.
When it comes to the Middle East, a former boss of mine once told me “conspiracy theories, are a regional sport”. This to be fair, is still true today, although it has become increasingly hard to counter the tall tales pushed by these enthusiastic theorists.
After five years of continuously worsening conflict in Syria, the chances of any decisive outcome are bleak at best. The superpowers and their allies continue to dither at the negotiating table, exacerbating the conflict and the misery of millions of Syrians.
India has strong economic and cultural ties to the West Asia region, including both the GCC countries and Iran. A series of important events, including the 9/11 terrorist attacks, the US invasion of Iraq, the Arab Spring, and the Iranian nuclear deal, are contributing to a new balance of power in the region.
Game theory was developed in the wake of World War 2 to assist policymakers in analysing interdependent decision-making, which arises when what you want to do depends upon what others want to do, most notably in situations relating to conflict over resources – the alternative is decision theory, where your decision is…