Oil resources are drying up and the Middle East economy model is in urgent need of transformation

With the depletion of fossil resources, countries such as the Middle East are also facing the pressure of economic restructuring. Although from the current point of view, this is still a topic of “deaf people worry about heaven”, however, this day will come sooner or later. Some Russian experts predict that after 30 years, the world's oil supply will be changed from the current Persian Gulf in the Middle East to two centers dominated by oil and gas resources in the Persian Gulf and the Arctic continental shelf. After losing its advantage in oil resources, what will the Middle East do for a living?

In the era of high oil prices, the oil-producing countries in the Middle East became a “oil-rich country” that earned a lot of “dollars” because of its proven oil reserves, which account for 65% of the world’s total, and its proven natural gas reserves of 35%. However, as the demand for crude oil in the world continues to increase, its oil reserves are depleting. For this reason, the topic of the economic model in the Middle East urgently needs to be transformed. Some people took Houston as an example. The land was prosperous because of oil exploitation. Today, after oil resources are exhausted, Houston can still thrive, thanks to its successful development of oil service-driven oil service sectors - machinery, cement, Development of electricity, steel, paper, food, and transportation. Therefore, some people think about whether the future Middle East can consider taking the same path.

In response, the deputy director of the China Institute of International Studies, Zang Zongze, said in an interview with reporters that in the short term, the status of the “oil boss” in the Middle East is still irreplaceable. In the medium to long term, although the Middle East is facing the depletion of oil, its economic transformation is very difficult.

Although the Middle East also thought about economic restructuring, its geographical conditions are poor. Most of the oil-producing countries are located in desert areas, and the natural environment is harsh and it is difficult to develop agriculture. In terms of developing alternative energy sources, in recent years, Middle Eastern countries have also tried to develop new types of energy. Countries such as Qatar, Saudi Arabia, and UAE have invested huge sums of money to start researching the use of solar energy. However, Zong Zongze believes that at the current stage, these are all “embroidered legs”. Kung fu cannot be popularized at all, because the cost of developing new energy is much higher than the exploitation of traditional energy such as oil, and this factor also extinguishes the enthusiasm for the development of new energy in the Middle East.

Zong Zongze pointed out that on the one hand, the Middle Eastern countries want to lengthen the years of exploitation by reducing the dependence of foreign countries on their oil exports, and increase their lives for themselves; on the other hand, the soaring of international oil prices makes them extremely attractive. What is even worse is that the countries in the Middle East are now living very well. They have no intentions of far-sightedness.