Prospects of GCC energy policy

Abstract

The article presents an analysis of the energy sector of the Gulf Cooperation Council (hereinafter referred to as GCC) and examines some aspects of its development. The paper analyzes the role of energy in the economic systems of the Arab countries of the Persian Gulf, identifies the features of the economic strategies of regional players in modern macroeconomic and geopolitical conditions. Some factors influencing the energy sector in the GCC countries are considered. Among them, financial and economic dependence on oil and gas revenues towards country budgets and the peculiarity of the demographic factor in the energy policy of GCC countries are noted. The article analyzes the role of renewable energy sources in the energy policy of the GCC countries within the framework of the strategic development programs of the states; systematizes various factors limiting the development of renewable energy in the Persian Gulf. The article concludes with the prospects for further development of energy policy in the region, taking into account modern challenges and trends.