Descriptive Analysis of Economic Diversification, Price and Revenue Dynamics in Oil and Energy in the Arab World

Abstract The present paper looks at the descriptive side of the economy of oil and energy in the Arab countries. It addresses the contours of these economies in relation to diversification and trading patterns and shows the limited diversification but high concentration of exports towards oil and gas in part of these countries. The paper addresses also the dynamic processes of gas and oil revenues with their time trends. It also attempts linking revenues to international oil prices before tackling the current status of renewable energy. The attained outcomes show clearly how non-oil exporters are exhibiting patterns that are different from the exporting countries of the Gulf. This latter set of economies is benefiting from oil price stability during the past recent years and ensuring thus, a stable revenue formation in comparison with other economies in the region. With regard to renewable energy, non-oil exporting countries are more active in the search of new energy alternatives.