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 thesis is that exogenous shocks be they geopolitical or economic result in volatility. Recent developments in the global oil market prove the statement.

Saudi Aramco’s third quarter results are no less than impressive. A net income of $32.6 million is undoubtedly respectable by any standards amid lower oil prices and voluntary production cuts aimed at stabilizing the global market.

When JP Morgan Chase CEO Jamie Dimon speaks, the world tends to listen. He warned investors that the world may be grappling with one of the most dangerous periods in decades as we see the Israel-Hamas conflict evolve.

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  

Energy ministers and industry leaders have gathered in Abu Dhabi to attend the four-day ADIPEC conference amid a tight oil supply outlook. Prices of Brent and West Texas Intermediate are up more than 25 percent and 30 percent in the third quarter respectively. 

Three words sum up the recent ministerial meeting of OPEC+: Predictability, transparency, and stability.