Key Terms: Economic Diversification in Oil-Exporting Arab States
Before starting research on policy and solutions within the wide scope of economic diversification, it is important to be familiar with a few key terms. This list is not exhaustive, but it is a good place to start with your research for Topic B. Middle East-North Africa (MENA): MENA encompasses countries within the Middle East and North Africa. In the scope of oil trade and economic diversification, they are very economically diverse. Therefore, when considering the issue at hand, it is important not to propose blanket solutions. Instead, try to tailor to specific needs, or make your changes flexible according to circumstance. Organization of Petroleum Exporting Countries (OPEC): An intergovernmental organization of 13 oil-exporting states, OPEC works to coordinate petroleum policies among its Member-States. In 1968, it issued a Declaratory Statement of Petroleum Policy that, as expressed by the United Nations, gives all countries permanent sovereignty over their natural resourc...