The End of Petropolitics? The New Middle East and Opportunities for Korea

Hyun Ji Bing ()
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Hyun Ji Bing: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr/en

No 23/21, Research Papers from Korea Institute for Industrial Economics and Trade

Abstract: With the age of petroleum seemingly drawing to an end, the political and economic landscape of the Middle East is undergoing a rocky transition. Saudi Arabia had long been a passive foreign policy player, reliant for nearly a century on the military assurance of Washington. But it recently has shifted its approach, increasing cooperation with China and venturing more actively into various matters of diplomacy. Qatar, the traditional mediator and peacekeeper in the Middle East, maintains perfunctory relations with its neighbors, but in fact faces growing threats and intensifying regional rivalries. Qatar and Saudi Arabia have announced their respective visions for the future, inviting the rest of the world to join. Another boom in the Middle East would be a boon for the South Korean economy, but there lie many obstacles on this path. To cooperate successfully with these oil-rich Middle Eastern states, Korea needs to closely monitor the changing state of affairs and power dynamics in the region and develop a bespoke approach. Korean firms and policymakers need to understand the divergent needs of the region’s major players down to the last detail, and carve out niches in which they may succeed. Early success is crucial to continued cooperation in the region, and so the Korean government needs to do its part to lay the groundwork for effective partnerships between Middle Eastern countries and Korean businesses.

Keywords: oil; petroleum; Middle East; petropolitics; Qatar; Saudi Arabia; UAE; China; power dynamics; regional dynamics; Korea; KIET (search for similar items in EconPapers)
JEL-codes: F01 F50 F52 O13 Q35 Q37 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2023-11-30
New Economics Papers: this item is included in nep-inv
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