ABSTRACT
Historically development in much of the Middle East was linked to oil and gas production and prices, a key issue being whether these are being decoupled as economies diversify and become more self-sustaining. Oil policy has to be viewed from a political perspective, as production is not only determined by geology, but the balance of power within the member states of the Organization of the Petroleum Exporting Countries (OPEC), and between it and non-members. The workings of oil markets are important to understanding what is feasible in the Middle East, the aim of the discussion being to provide a wider developmental context.
