Both the coronavirus crisis and Israel’s year-long political crisis seem set to continue for the unforeseeable future.
Egypt’s three top sources of foreign revenue — tourism, remittances, and the Suez Canal — are likely to be hard hit by the crisis.
Despite his support, al-Kadhimi’s path to obtain confirmation of his cabinet from the Council of Representatives is riddled with challenges.
The new cuts will likely not do much to shore up oil prices.
The Middle East is facing an unexpected turning point. The region will not look the same after COVID-19 as it did before it. The geoeconomics and geopolitics of the world are in free fall because of COVID-19, the oil price war, and a severe economic shutdown. For the Middle East and the Gulf monarchies in particular, the oil price war against Russia and U.S. shale and the shutdown of economies around the world have increased the pressure on the Gulf’s already-depleted financial resources, which usually act as a safety valve for the turbulent region.
Saudi Arabia’s recent decision to call for an urgent OPEC+ meeting was driven by a simple logic. In spite of its obvious advantages over other oil producers, the kingdom is still taking serious risks as it pursues an oil price war.
The COVID-19 crisis could be deadlier than all the wars and civil wars in the modern Middle East. This should spur regional leaders to act urgently and cooperatively.
The different scenes in Baghdad tell the tale of a future that will, at the very least, present serious challenges, and at the worst could become chronically violent.
This Thursday, a postponed virtual meeting of “OPEC+ and Friends” will determine the level and seriousness of participation in a global oil pact.
Cratering demand for Qatar’s main exports has reduced its income to a fraction of what it was last year, but its nest egg is held in very illiquid assets.
While much of the focus on Russia’s foreign policy toward the MENA region is on Syria and Libya, the dire situation in Gaza is another area where Moscow seeks to play a growing role. From Putin’s perspective, Moscow must involve itself in the Palestinian cause in order to further facilitate Russia’s “return” to the region. In practice, this has entailed Moscow and Hamas improving their relations, underscored by numerous visits and communications between high-ranking Russian government officials and Hamas representatives in recent years.
As Hirak’s primary repertoire of contention has been biweekly protests in key cities, some worry that the COVID-19 lockdown is tolling the movement’s death knell. However, Hirak’s intellectual leaders have long called for supplemental tactics, noting that despite being among the most significant social, political, and cultural phenomena in modern Algerian history, protests alone may no longer be as effective as they once were in extracting meaningful concessions from the regime. Thus, as ill-timed and worrying as this feels for many of the Hirak faithful, the global health crisis may come as a significant political opportunity for the movement.
Saudi Arabia declared a price war against Russia in early March to prove a point: that it can offer an unprecedented supply of 12.3 million barrels per day (bpd), way above the record 11 million bpd it reached in November 2018, and expand its market share at the expense of Moscow. As the coronavirus pandemic brings the world to a standstill, the question is how long it can sustain this war.
Less than a year after the U.S. State Department removed the term “occupation” from its 2019 human rights report, and just a few weeks after it stopped referring to the residents of East Jerusalem as Palestinians, the coronavirus has exposed the reality of Israel’s occupation of the Palestinian territories like never before.
Since the establishment of the Hashemite Kingdom of Jordan a hundred years ago, many have argued at one point or another that the country is on the brink of political or economic instability. It seems increasingly true these days, however. The unexpected shock of the COVID-19 pandemic adds even more pressure to the already floundering economy.