The oil and gas reserves of the Middle East are unmatched. It has been the region’s most important source of revenue and wealth for the past decades. Although it is widely accepted that the fossil fuel era will end eventually, some pundits didn’t expect such a serious change in the short term. Recent developments, however, sow doubt as to whether oil and gas-dependent countries can withstand the coming changes. The Covid-19 pandemic, furthermore, has sped up certain predictions. King oil Over the decades, the Middle East has developed into the world’s most important region concerning oil production. Not only are the reserves in the area some of the biggest, but low production costs increase the region’s potential by decreasing investment risks. Despite the shale revolution in the U.S., the Middle East produced nearly half of the world’s oil in 2019. Middle East While fossil fuels are a tremendous source […]