oil

National | World | Economic History | Pop Eco | Interactive Articles

Venezuela: an economic tragedy

Venezuela was once an economic powerhouse and socialist paradise driven by immense oil wealth. Now, it’s on the brink of complete collapse, with protests on the streets and a government in turmoil. What happened?

Viability of the rentier state: internal political divergence stagnating development in Kuwait

This article was originally submitted for publication on 18 January 2015.

Inefficiency, corruption, poor governance and excess fiscal expenditure are soon becoming engrained in the economic and political landscape of Kuwait. Progress appears to be hindered by those in power: a divided parliament and an emir-elected Prime Minister. This tension has created instability with eight administration changes in seven years.

Read more

Calling for change

The recent historic telephone call between the presidents of the USA and Iran the other week represents a huge step forward for both countries and the wider international community. This first contact between the two nations’ presidents for decades was a forceful step away from the ‘Great Satan’ vs. ‘Axis of Evil’ rhetoric that has dogged diplomatic relations. There are reasons to be optimistic over this symbolic phone call – a call for change, if you will.

Read more

Look East: The Weight of Oil Sanctions on Iran’s budget

20%. That’s the proportion of Iran’s oil exports to the European Union.

Iran's flags

If you’ve been hiding under a rock for the last 6 years, then you would probably not understand the extreme tension that surrounds Iran’s nuclear program. There is the media, different governments’ interests in play, different companies’, and various groups of influence acting. Behind that thick wall of smoke lies the effects the issue has on the Iranian economy.

Read more