FROM A POOR REGION TO BECOMING THE RICHEST OIL RESERVES IN THE WORLD - AN ANALYSIS ON MIDDLE EAST STRUGGLE AND THE FUTURE OF OIL IN THE WORLD

Abstract

With the failure of Arab Spring in many countries in the Middle East which has resulted in the forming of rebel government and Islamic based terrorism groups , Middle East has been a complex region which has experienced massive proxy wars . Saudi Arabia and Iran the two powerful countries who are also engaged in proxy war against each other by supporting opposing sides , The Syrian crisis is an ongoing war which has crossed a decade and which has killed millions of people . Middle East because of its vast oil reserves and geographical location has been a region of global attraction. It exports more than 60% of the oil to the world , and is dependent on only one commodity for their economy . With the world shifting towards electrification and adoption renewable source of energy , resulting in economic crisis for the Middle East countries , which will accompanied by Civil wars which the Arab countries will hit against each other . However countries like Dubai , Saudi Arabia and Bahrain are working on alternative source of economy development , which has been a success , Either the Middle East countries have to find other sectors for their investment and economic growth or starve to death by indulging in civic wars like Syria .