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Introduction
The importance of oil in today's world can in no way be undermined. Was going to war in Iraq a pretext for the Unites States of America, the largest economy in the world, to acquire its oil? Keeping away from politics, I shall focus on the economical perspective only.
In the 21st century, the world must solve two great problems. These problems are rarely discussed by the public, have received little media attention and neither are they discussed by those in power, at least not publicly. They are:
? Over Population in the developing world.
? Over Consumption in the developed world.
"Oil Depletion: The primary problem of the developed world"
It is over-consumption where oil comes in. Being a business editor, I have personally always been interested in the subject of oil and its importance to the world.
Do the Arab Financial Markets impact World Oil Prices?
Surely; the vast Middle East and North African regions, depend on oil as its major source of revenue, especially Saudi Arabia.
Apart from the many other geopolitical tensions like Iraq, Iran, Nigeria, and macro-economic factors that heavily influence the oil trading mainly in the USA and the UK, the question that I want to answer though my research is, if there is an impact of the Arab markets on world oil prices.
For my project, I will concentrate only on the financial markets of the GCC and a few other Arab countries - namely: Bahrain, Saudi Arabia, United Arab Emirates, Qatar, Muscat & Kuwait along with Egypt, Lebanon & Jordan.
I don't expect my model to be highly significant, since it excludes all of the other main factors, but want to find out, if any, t ...