Abstract
Introduction. Global transformations and regional characteristics of countries’ development bring the issue of resource provision for economic growth, social progress, and environmental efficiency to the fore. This article focuses on the energy resources supply issue in Middle Eastern countries and identifies the prospects for the region’s transition to renewable energy sources. Purpose. The aim of this article is to analyze the resource impact on the economic development of Middle Eastern countries and to identify prospects and opportunities for implementing renewable energy projects. Method (Methodology). The study applies various methods, including theoretical generalization, abstract-logical methods, analysis and synthesis, comparative analysis and generalization, and the graphical method. Results. This article reveals the main trends in the development of the global energy system. It substantiates the specificity of Middle East countries’ development and argues for the significant role of resources – oil and gas – in their economic development. It confirms significant asymmetries in their socio-economic development and identifies countries for which resources such as oil and gas are strategically important. The impact of changes in the world oil and gas markets’ situation on the economies of the Middle East countries is clarified. The importance of transitioning to renewable energy sources is confirmed, and the main opportunities are highlighted. The strengths and weaknesses, as well as the opportunities and threats, of the Middle East’s energy transition to renewable sources are analyzed. Opportunities identified include economic growth, creation of new jobs, export of technologies and innovations, sustainable energy supply, reduction of environmental load, improved access to energy in remote areas and for vulnerable populations, international partnership, and involvement in international organizations’ projects. Proposals are made for the Middle Eastern countries for their gradual transition to renewable sources and ensuring energy security.
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