The downhill slide in the global price of crude oil, which started mid-2014, had major repercussions across the Middle East for net oil exporters, as well as importers closely connected to the oil-producing countries from the Gulf. Following the Arab uprisings of 2010 and 2011, the oil price decline represented a second major shock for the region in the early twenty-first century one that has continued to impose constraints, but also provided opportunities. Offering the first comprehensive analysis of the Middle Eastern political economy in response to the 2014 oil price decline, this book connects oil market dynamics with an understanding of socio-political changes.

Inspired by rentierism, the contributors present original studies on Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The studies reveal a large diversity of country-specific policy adjustment strategies: from the migrant workers in the Arab Gulf, who lost out in the post-2014 period but were incapable of repelling burdensome adjustment policies, to Egypt, Jordan, and Lebanon, who have never been able to fulfil the expectation that they could benefit from the 2014 oil price decline.

With timely contributions on the COVID-19-induced oil price crash in 2020, this collection signifies that rentierism still prevails with regard to both empirical dynamics in the Middle East and academic discussions on its political economy.

Martin Beck is Professor of Modern Middle East Studies at the University of Southern Denmark (SDU)

Thomas Richter is a Senior Research Fellow at the German Institute for Global and Area Studies (GIGA)

1 Pressured by the decreased price of oil: Post-2014 adjustment policies in the Arab Gulf and beyond - Martin Beck and Thomas Richter
2 Upgrading towards neoclassical rentier governance: Bahrains post-2014 oil price decline adjustment - Sumaya AlJazeeri
3 Stalled reform: The resilience of rentierism in Kuwait - Gertjan Hoetjes
4 Oil price collapse and the political economy of the post-2014 economic adjustment in the Sultanate of Oman - Crystal A. Ennis and Said Al-Saqri
5 Qatar: Leadership transition, regional crisis, and the imperatives for reform - Matthew Gray
6 The nexus between state-led economic reform programmes, security, and reputation damage in the Kingdom of Saudi Arabia - Robert Mason
7 Federal benefits: How federalism encourages economic diversification in the United Arab Emirates - Karen E. Young
8 Egypts twisted hydrocarbon dependency: A case of persistent semi-rentierism - Amr Adly
9 Oil and turmoil: Jordans adjustment challenges amid local and regional change - Riad al Khouri and Emily Silcock
10 Lower oil prices since 2014: Good news or bad news for the Lebanese economy? - Mohamad B. Karaki
11 Oil and political economy in the Middle East: Overcoming rentierism? - Martin Beck and Thomas Richter