Oil has had a beneficial and detrimental influence on the Middle East's social, political, and economic elements. It has enhanced the economy's riches while simultaneously increasing foreign debt. It prevented Saudi Arabia from participating in the Arab Spring, yet it has resulted in political corruption in certain nations.
Oil has positively and negatively impacted the social, political, and economic aspects of the Middle East. It has increased the wealth of the economy but also led to foreign debt. It kept Saudi Arabia out of the Arab Spring but has led to political corruption in some countries.
For decades, the Middle East has been supplying a big part of the oil consumed around the world. Much of the economic development and wealth of these countries is thanks to generous income coming from oil exportation. Saudi Arabia has led the production for decades.
Since the 1930s the Middle East has emerged as the world's most important source of energy and the key to the stability of the global economy. This tumultuous region produces today 37% of the world's oil and 18% of its gas. When it comes to reserves, the Persian Gulf is king.
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