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FEATURES OF THE ARABIAN MONARCHIES OIL POLICY WITHIN OPEC+ IN THE CONTEXT OF SHIFTS IN THE WORLD OIL MARKET IN 2022-2023
Abstract
The purpose of the analysis is to interpret and conceptualize key features and changes of the Arabian monarchies oil policy, including Saudi Arabia, the United Arab Emirates (UAE). Kuwait, Qatar, Oman, Bahrain. These countries, with the leading role of Saudi Arabia, largely determine the oil policy of the countries of the OPEC+ alliance. Today, the problem of protecting the economic interests of developing oil-exporting countries in the conditions of instability of the world economy and downward pressure on oil prices, taking into account the environmental restrictions, put forward by the OECD states, is particularly acute. For OPEC+ states, oil revenues remain the most important source of financing for economic modernization. It is important to assess to what extent the economic interests of developing oil exporting countries, primarily members of OPEC+, determine the configuration of their policies on the global oil market and their cohesion around key oil exporters in the alliance. Equally important is the position of the largest countries in Asia, Africa, and Latin America, including oil-importing states, such as China, on the issues of global energy supply in the context of the concepts of sustainable development and the "green economy". There are signs of the formation of new directions of energy and economic cooperation between developing countries in general and between oil exporting countries, which changes many paradigms.
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