Oil, OPEC, and the Challenges of Surplus Management

Julia Devlin

Chapter 5 in Challenges of Economic Development in the Middle East and North Africa Region, 2010, pp 115-155 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:MENA AND GLOBAL ENERGYOil prices and the entry of OPECThe first oil price shockThe second oil price shockPrice decline of 1986More recent price increasesOIL WEALTH AND DEVELOPMENTFiscal policy: A critical link between oil windfalls and growth prospectsOil stabilization and savings fundsOil windfalls and development in the MENA countries: Algeria and KuwaitRecent windfalls and fiscal policy challengesImproving budgetary processesCONCLUSIONREFERENCES

Keywords: Middle East and North Africa (MENA); Economic Development; Development Policy; Political Economy; Oil and Development; Water Scarcity; Labor Markets; Unemployment; Conflict and Development (search for similar items in EconPapers)
Date: 2010
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