From S&P Global Platts, February 1:
Geopolitics has jumped ahead of market fundamentals at the beginning of 2022 as the major driver behind higher global oil and gas prices. Fears of a confrontation between the US-led NATO powers and Russia over the future of Ukraine have helped to push crude above $90/b.
With concerns growing over dwindling global spare capacity, major producers in the Gulf region find themselves once again in a key position to ensure global demand is met by ample supply.
How the region's producers will respond to the unfolding crisis in Ukraine and steer a pathway through the evolving relationship between the great powers of the US, Russia and China was the subject of discussion at "The Gulf in Global Geopolitics: Navigating Great Power Competition" roundtable, part of the Gulf Intelligence UAE Energy Forum.
Jonathan Fulton, assistant professor of political science at Zayed University, set the scene for the discussion, laying out the big picture on the international forces impacting the Gulf region. Fulton said the world is living through a period of transition in international relations, where the post-Cold War era of US hegemony is being challenged by resurgent great powers, Russia and China.
"Clearly by 2008 and if not before Russia had decided to pursue a more activist role, instead of acting mostly as a follower it was going to set the agenda for itself," said Fulton, commenting on the current status of international geopolitics....
....MUCH MORE
