DUBAI -- The Arab world might be expected to be feeling cheerful given current high prices for oil. But, instead, a cloud of unease hangs over Arabia today. There are fears of slow economic development, fears of weakening oil prices as oil production expands elsewhere -- or as the world learns to conserve energy -- and, of course, fears of religious extremism and inter-Islamic strife upsetting the political balance in the main Arab states.
Yet there are good reasons why this gloom may be overdone and why, with good management, the Arabian future could be very bright indeed. Here are some of them:
The demand for oil and gas is going to continue to rapidly increase. World oil consumption, now officially at 76 million barrels a day (MBD), but probably already over 80 MBD, is expected by the International Energy Agency to rise to 122 MBD by 2030.