The competition for regional supremacy between Iran and Saudi Arabia has an economic dimension. Saudi Arabia has been able to increase its oil production since 2011 to compensate for the lower level of Iranian oil production. Saudi Arabia was very influential in the success of the sanctions that recently crippled the Iranian economy. There is also an economic competition between Iran and Qatar. Qatar was much more successful than Iran in developing its natural gas exports. On the other hand, Iran has been more successful than Saudi Arabia in diversifying its economy. Iran, under pressure due to the sanctions, has been able to develop its non-oil export. Moreover, the modernization of the Iranian society could lead to changes towards a more efficient and privatized economic system in Iran. Last but not least, the possibility of a new geopolitical alliance between Iran and the United States could benefit the Iranian economy.
Oil, natural gas, non-oil exports.