SESRIC - Statistical, Economic and Social Research and Training Centre for Islamic Countries

SESRIC


Current Stance of Energy Resources and Potential in OIC Member Countries
Date : 17 December 2012

Energy is a key factor for economic development and, thus, rising living standards. It is required for satisfying all of the basic demands, from agriculture, education, infrastructure to information services (Sopian et al. 2011). Energy is also a key factor in economic growth, which is among the most important factors to be considered in projecting changes in world energy consumption. Despite the consensus regarding the correlation of economic growth and energy consumption, the direction of causality between these two variables is also an interest among economists and policy-makers (Eggoh et al. 2011). To consume energy, the countries should either be able to produce it or import it. It is, therefore, very important to possess energy sources as well as being able to process it.

This special report illustrates the trends in energy resources, including their production and consumption, in the OIC countries. It is clearly illustrated that even though the OIC countries are blessed with the wealth of energy resources, they are lacking the necessary technology and R&D investments to process these resources. As of renewable energy sources, the performance of the OIC countries during the last decade is impressing. However, it is still far below the performance of the developed countries and the OIC member countries are at the beginning of their journey.

Online Electronic Version

Current Stance of Energy Resources and Potential in OIC Member Countries (English)