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PREFACE
PREFACE
The geopolitical events that took place in some Arab countries, termed as
“Arab Spring” have been labeled as the main culprit for the state of instability
that continued to prevail in those countries, as the main characteristic of 2012.
Those countries are in the process of structuring their legislative and executive
institutions with the objective of re-establishing political, and, consequently,
socio-economic stability. The current state of instability dominating the scene
in those countries reflects the fact that it is difficult to clearly determine the
various features in the foreseeable future.
With regard to production, export and consumption, the implications
of the geopolitical shifts in the region remained marginal. Whereas the
petroleum conditions in Libya began to gradually move forward towards
more stabilization, where crude oil production during the first nine months of
2012 registered 1.434 million b/d, the oil conditions in some other countries
of “Arab Spring” have retreated to the extent of cessation.
Developing and improving the revenues of petroleum industry sector will
leverage integration between other national business sectors, while serving
this vital sector, which represents the main source of revenues in all our oil
and natural gas dependent Arab countries, whether OAPEC members, or in
other countries whose economies are not dependent on oil resources.
Due to the conditions prevailing in the Arab region, and the world at large,
realizing this goal will represent the cornerstone for socio-economic stability
at domestic, regional and global levels. It has been established that petroleum
will remain, for decades to come, one of the main drivers of global economy,
and a source of prosperity in many of our countries.
In 2012 global economic growth rates witnessed more than expected
slowdown, and economic recovery remained stumbled, with aggravating
pessimism about future prospects. Sovereign debt crisis of Euro zone weighed
heavily on Greece, heralding spill to other countries in Europe. Economic
