Written in 1985, at a time when the world oil industry was facing a difficult period of over-supply and falling prices, this book examines some of the most important strategic issues facing both the producers and consumers of oil and gas. A theme underlying al the papers is the need for strengthening the co-operation between producing and consuming nations, especially between the Arab Gulf States and the members of the EU. The security of supply is also examined in the light of regional instability and peace in the Middle East.

Introduction. 1. The Prediction of Strategic Reserves A. J. Martin 2. Industrialisation In the Arab States of the Gulf: A Ruhr Without Water A. A. Kubursi 3. Scenario Planning in the Context of International Energy Development G. S. Galer 4. National Accounting and Income Illusion of Petroleum Exports: The Case of the Arab Gulf Co-Operation Council Members (AGCC) A. T. Al-Sadik