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Learn to study and work harder to enable them to compete with the rest of the world.
The rest of the world is paying whatever they ask for oil. Why would they compete with countries two steps away from being vassal states?
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This be enable them to take the lead in specific scientific, technological or some other area which will enhance the capability of all mankind. For example they may end up taking the lead in HIV drug research or something like that. This will help them regain their pride.
I have seen no indication that the general Muslim populations have any problem with pride.

Of your three possible outcomes, two have happened in the past (and continue), the third hasn't. In my view, that makes the first two more likely than the third. I realize the unlikelihood of the third isn't quite implausible enough to qualify for the Borel's Law you keep referring to, but historically, people are far more likely to do the same shit over again than to forge ahead down new paths.