Source: Semafor
After fifty years as the world's swing producers, Saudi Aramco, the Abu Dhabi National Oil Company, and their peers are now explicitly hedging against regional instability by diversifying investment portfolios across Africa, Latin America, and Southeast Asia. Climate policy, regional conflict, and energy transition have eroded the Gulf's traditional role as a reliable backstop for global oil markets. The petrostates are repositioning as integrated multinational energy conglomerates rather than regional suppliers. They no longer assume their geopolitical advantages are permanent.