Oil has transformed the six once-destitute sheikhdoms of the - TopicsExpress

Oil has transformed the six once-destitute sheikhdoms of the Arabian Peninsula into some of the wealthiest places on earth. With this growth, however, the Gulf monarchies have developed a growing taste for their chief export, which, if left unaddressed, could undermine both of their long-held roles: as global suppliers and as stable polities in an otherwise fractious Middle East. For the rest of the world, meanwhile, the potential loss of a key Gulf asset—spare oil production—foreshadows a period of greater market volatility and uncertainty.

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