Essay - Middle East Region There is No Hard and Fast Rule...

middle east Region

There is no hard and fast rule that defines what constitutes Middle East. it traditionally includes countries or regions in Southwest Asia ***** parts of North Africa. Persian Gulf is considered as the main centre the area around which is generally referred as Middle *****. Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Leba*****n, Oman, Qatar, Saudi Arabia, Syria, Turkey, the United Arab Emirates, Yemen, and Palestinian Territories are collectively known ***** Middle East. Middle ***** region shot to fame because ***** its vast reserves of oil. The economy ***** most these ***** took a boost based on the oil resource. However, with passage of time regi***** has esteblished its own peculiar identity in the world. ***** region with UAE as a model of succcess is now known *****ll over the *****.

Oil based Economies

***** East ***** the region ***** has the greatest reserves ***** oil ***** the whole world. The reserves present in Saudi *****, Iran, Iraq & Kuwait exceeds the reserves present in different parts of the world. So, ***** world oil supply is ma*****ly provided by large companies operating in countries with large ***** of oil. Price is ***** a market factor but ***** case of ***** the price is controled ***** the group ***** ***** oil rich countries that have made a cartel with the name of OPEC (Organization of Petroleum Exporting Countries). OPEC can greatly influence ***** ***** oil prices. The first biggest oil cr*****es was faced in 1973 when OPEC oil export embargo ***** imposed by many of the major Arab oil-produc*****g states in response to western support of Israel. Again 1979 brought in ***** wake Iranian revolution and oil crises. Similarly Gulf War has also affected the oil *****. This ***** ***** alaways been ***** startegically important mainly beccause ***** oil. Some of the ***** States in ***** have gone beyond oil and have created diveres economies for themselves. Initially the example ***** *****ia was given but its economy mainly remained dependent on oil. On the other hand Daubai and also to some extent Israel adopted different approaches ***** stand apart in the community of nations.

Saudi Arab's Rise

***** Arab was *****itially considered an ***** of growth and development be*****e other Gulf States emerged as clear winners. Saudi Arab used ***** oil resources and the money earned into ***** ***** of the country's infr*****tructure. *****, the fall in crude oil export volumes, as well ***** in prices stirred a cause ***** concern for the economy. Saudi government replied by starting major expansion projects in order to add value to oil exports. These expansion schemes were launched ***** help secure international markets. Petrochemical Companies in Saudi Arabia even went ahead with ********** partners for joint ventures in the sector. The Kingdom has clear advantages in the *****m of in low cost of producing oil and gas. Therefore when world demand falls its feed stocks still compete for sales. The ***** Arab continues to reap advantage ***** its oil resources even