Oil Business and Power in Middle East Essay Example | Topics and Well Written Essays - 500 words

Oil Business and Power in Middle East - Essay Example These major oil exporting countries were undeveloped and poor before the discovery of oil. There was deficiency of money as well as technology necessary for mining and marketing the oil therefore the developed and well industrialized countries of the world took advantage of that situation and offered help for exploring the areas likely to enclose larger oil reservoirs. The Government of indigent Middle East countries made several agreements with these stable countries and allowed them to mine the oil resources. The oil business persuaded foreign intercession and it resulted in political stability among these nations (Bird, and Brown). Development in social condition in Middle East countries has been observed since after the expansion of oil business and power. The regime of oil exporting Middle East states spend the per annum yield of petroleum trade on the financial stability of the country. In addition to it, the profit from oil export increases the net income of citizens and it ul timately results in raising the living standards of common man.