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PROSPECTS FOR THE OIL SECTOR AND ECONOMIC DIVERSIFICATION IN THE GULF COOPERATION COUNCIL STATES IN THE CONTEXT OF A PANDEMIC AND ENVIRONMENTAL CHALLENGES
Abstract
The purpose of the analysis is to uncover and understand prospects and opportunities for maintaining economic stability while continuing the strategy of diversification of economic structures in the countries - members of The Cooperation Council for the Arab States of the Gulf (GCC), two of which: Saudi Arabia and the United Arab Emirates are the leading economies of the Arab world. The deterioration of the economic situation in the GCC countries could inevitably lead to destabilization in the complexly developing region of the Middle East and in the Arab world. The inevitable impact, on the one hand, of the COVID 19 pandemic as a new emergency, and, on the other, of environmental challenges and activities in the field of developing a "green economy", increase pressure on the economic systems of oil – exporting countries, which requires adjusting their economic development strategy and economic policy, including oil policy. In this regard, it is necessary to consider such key issues as: the features of the new configuration of the world oil market and its regulation with participation of oil exporting states, in this case the Arabian monarchies; the specifics of the response of oil exporting countries to environmental challenges associated with the use of hydrocarbons; the problem of combining the oil industry and related industries with the mechanisms of the "green economy"; the further evolution of the world energy and the "oil era". In the research the methods of macro and microeconomic analysis, structural analysis, statistical analysis and partly political analysis are used. The results of the research can be used in further investigation of oil-exporting countries policy in the sphere of the oil-sector transformation under new tendencies in the world economic development.
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