Oil in MENA

Oil is a significant resource in MENA, as it is both abundant in multiple countries and holds significant economic value. Because of this, oil rent has a huge influence on the political framework of this region. Major political developments are seen on a regional level, instead of the individual state level. Oil-rich countries in MENA have often experienced authoritarian rule, and corrupt leaders often use oil revenues as a tactic to consolidate power and suppress dissent. As oil produces money, and money produces power, there is an unfortunate dichotomy between oil-rich and oil-poor countries. Many MENA countries are disproportionately dependent on oil, making fluctuations in oil prices economically precarious. This phenomenon also prevents diversified economic development.