Low Oil Prices: a New Opportunity for Gulf Cooperation

When the founders of the Organization of the Petroleum Exporting Countries (OPEC), convened in Baghdad in 1960, they made life difficult for themselves by violating virtually all of the ideal conditions for operating a cartel. That is why, 55 years later, Saudi Arabia has made the right decision by maintaining its production, and why the six Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE—should consider making renewable energy a key driver of future, shared GCC economy.

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