Not only is Saudi Arabia bringing a new perspective to the 26th UN Climate Change Conference, also known as COP26, but it is leading by example as usual by hosting inaugural events in Riyadh a few days ahead of the conference.

The price of Brent Crude has hovered around the $70 per barrel mark for about three months. In July 2021, the price averaged $75, while in July 2020 it was $43 per barrel, meaning it saw a 60 percent increase in just one year.

The latest bearish developments in global oil markets invalidates the earlier requests from both the White House and the International Energy Agency (IEA) for OPEC+ to boost oil output.

For a US president to ask OPEC, and now OPEC+, to pump more crude at a time of high gasoline prices at the pump is not something new.

The 26th UN Climate Change Conference (COP26) will take place this November in Glasgow, with efforts already starting on ramping up the global transition to reach net zero emissions by 2050.

The possibility of a quick Iranian oil revival is not something any oil company or producer should worry about as the market has already factored this into the price.

The Future Investment Initiative (FII), nicknamed “Davos in the Desert,” last week clearly showed the world’s confidence in Saudi Arabia’s economy, stability, and ability to achieve the goals and strategies of Saudi Vision 2030.