Answer:
Positives
-Oil has created wealth and kept the economy moving positively in countries such as Saudi Arabia, Iran, Iraq, and Kuwait.
-Experienced one of the lowest levels of development for the relationship between social and economic characteristics
-Egypt, Jordan, Lebanon, and Syria received positive excess from the economic growth of nearby oil-producing countries
Negatives
-Given this dependence, it’s not surprising that the economies of these oil exporting countries are significantly tied to the price of oil itself. Between 2014 and 2015, caused by a combination of declining global demand and a rapid increase in the production of American shale oil, the price of oil collapsed. from $115/barrel to $50/barrel
-Facing a lengthy period of low oil prices, the Saudi economy struggled. As of 2016, Saudi Arabia’s budget deficit was 13.5 percent of GDP, and oil still accounted for almost 90 percent of government revenues.
