![]() This chart was adapted from Adnan Mazarei’s Policy Brief, Efforts of Oil Exporters in the Middle East and North Africa to Diversify Away from Oil Have Fallen Short. PDF The report describes the importance of oil for oil exporting countries and analyses the potential economic effects that current low oil prices may. The United States pays 199B, China pays 906M, Pakistan pays 426M, the Netherlands pays 404M, and Turkey. Failures to reduce oil dependence and generate much-needed jobs are likely to increase social discontent and disruption in the region, possibly stirring conflicts and migration within MENA or to Europe and beyond. Major export destinations for Malaysian palm oil are India (1) and South Korea (5). The diversification strategy adopted by oil-exporting countries will be conditioned by the speed of the transition, which could be decades, during which the oil sector will continue to play a key role in these economies, both as a means to diversification (for e.g. The issue is dealt with in three parts: the first part tests the. Iraq, Kuwait, and Yemen especially lagged in diversification. In 2021, Russia was the largest natural gas-exporting country in the world, the second-largest crude oil and condensates-exporting country after Saudi Arabia, and the third-largest coal-exporting country behind Indonesia and Australia. oil export earnings on the economic development of six selected oil-exporting countries. Saudi Arabia is the only member of the Organization of the Petroleum Exporting Countries (OPEC) to make. The countries that made the most progress on goods exports between 20 were the United Arab Emirates, Oman, and Qatar. It held 15 of the world's proved oil reserves and was the largest crude exporter in 2020. Using IMF data on the performance of oil exporters outside the MENA region as a benchmark, goods exports by the MENA countries were on average 5 to 10 percent more diversified in 2014 than in the early 1980s. Pressures have risen in recent years for oil-rich countries of the Middle East and North Africa (MENA) to diversify exports as they face uncertain oil revenues, growing unemployment among young people, and rising concerns about climate change.
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