No other region in the world has been as profoundly shaped by oil as the Middle East. Within just a few decades, Gulf countries grew incredibly rich and acquired enormous power on the world stage.
For the citizens of these petrostates, quality of life improved dramatically. For their rulers, a kind of social contract emerged: autocratic regimes were accepted in exchange for economic well-being. But the security blanket provided by oil had other effects too: private enterprise and education took a backseat as oil provided for the people.
The rapid development enabled by oil was also powered by an influx of expats lured by the promise of paying little or no tax. But times are changing. Climate change and fluctuating oil prices have forced Gulf leaders to rethink their economies and diversify them away from oil. Huge changes are underway, with renewable projects like "Neom" developing at a rapid pace.
But as the recent COP climate change conference in Dubai made clear, the age of oil is far from over.
In this video, we explore three questions: whether investing in renewables translates into quitting fossil fuels, what the lessening importance of oil could mean for geopolitical relations and how life could change for Gulf citizens as a result. Video features expert analysis from historian and author Ellen Wald, energy analyst Carole Nakhle and energy researcher Roman Valkulchuk.
Chapters:
00:00 INTRO
01:00 HOW OIL HAS SHAPED THE REGION
02:58 WHY DIVERSIFY?
03:50 THE BIG TRANSITION
5:30 NEW OIL MARKETS
09:08 OIL AND POWER
14:42 A NEW SOCIAL CONTRACT?
16:06 CONCLUSION
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