During the last couple of weeks, the impact of geopolitics has become more pronounced in oil markets. Following the Houthis attack on a tanker carrying Russian-origin naphtha over the weekend and the killing of three soldiers on a US base in Jordan, the market turned jittery.

The global demand for oil has finally recovered to above pre-pandemic levels and both the Organization of the Petroleum Exporting Countries and the International Energy Agency foresee demand growth to continue by 1.1 million barrels per day and 2.5 million bpd respectively in 2024. 

The supply chain plays a crucial role in the global economy and sea lanes are the conduit through which a large part of goods and supplies including energy are transported.

While there were a lot of jibes in member countries of the Organisation for Economic Co-operation and Development and among the NGO community for holding COP28 in UAE due to the country being a major oil producer.

Analysts took note when the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, postponed their ministerial meeting to Nov. 30 coinciding with the start of the COP28 meetings in Dubai. 

The IMF-World Bank annual meetings will be held in Marrakesh from Oct. 10-16. This is the first time in half a century that the meetings have returned to Africa, which boasts the youngest population in the world. 

Saudi Arabia will host MENA Climate Week 2023 in Riyadh on Oct. 8-12. It is one of four regional climate weeks that serve as precursors to the UN COP28 scheduled from Nov. 30 to Dec.12. in Dubai