- August 14, 2022
- Posted by: Stratford Team
- Category: Economy
By Ma Young-sam
There is a region which has been overshadowed by great powers. Similar to a hospital’s emergency room, which people usually do not give attention to during normal daily life, but rush into in the case of health emergencies. This is the Arab region, a place where US President Joe Biden hurried to visit in the face of super economic inflation as an aftermath to the Ukraine crisis.
The Arab world still holds immense influence over the world economy as a fundamental oil resource. Although the US has placed itself as the number one country in oil production due to its shale oil development, the Middle East still manages about 52 percent of world oil reserves. Many states are doing their utmost to reduce carbon emissions and to develop renewable energy. However, fossil fuel still accounts for over 80 percent of total energy consumption. Some scholars predict that Arab countries can yield its oil power dominance for the next 100 years.