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Erschienen in:
2015 | OriginalPaper | Buchkapitel
The Question of ‘Security’ of Middle East Oil Supply Revisited: Domestic Crisis in a Middle East North African Oil Producer and Its Impact on International Markets — The Case of Libya
verfasst von : Marat Terterov, Claudia Nocente
Erschienen in: States and Markets in Hydrocarbon Sectors
Verlag: Palgrave Macmillan UK
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Most students and informed observers of the global energy security environment, such as Fadil J. Chalabi (2011) and Gawdat Bahgat (2012), appreciate the significance of the wider Middle East within international energy markets. We need little reminder of the region’s oil and gas significance in terms of either numbers or the strategic nature of the region’s geography, particularly since oil started to become the lifeblood of the international economy during the course of the last century. Neither do we need to remind ourselves that the history of the modern Middle East, particularly the period since the foundation of the state of Israel in May 1948, has been marred by conflict, instability, and turbulence. This has invariably had a significant impact on the oil markets, at both the regional and global level. In fact, Middle East experts like to flirt with the idea that a geopolitical event of game-breaking proportions sends major shockwaves through the region at least once every decade or thereabouts (Strange, 1988).