In only four eventful and momentous years, numerous major geopolitical events have shocked global oil markets and redefined how oil is, and may be, traded around the world in the years to come. Those events and the leaders still shaping them have contributed to often staggering and unpredictable swings in global oil prices. In the longer term, even if prices stabilize again, what may prove to be the most important ramification of this era may be not just the differing ways oil moves around the world, but which nations may or may not buy/sell oil with each other. Little more than a year after COVID massively disrupted global oil demand & prices, Putin’s brutal full-scale invasion of Ukraine in 2022 rocked global oil markets once again. Within about a year, markets regained their balance, as Europeans looked to reduce their excessive dependence on Russian oil & gas – and with his growing ‘shadow fleet’, Putin re-prioritized where and how his crude would be delivered. The stunning and unexpected capture of Maduro this January may have had a relatively short-term impact on global oil prices. But it set the stage for possibly dramatic political and economic changes in Venezuela, in terms of who is in power and which major companies and countries may be involved in the years to come. Most recently, the US-Israeli War on Iran, which started less than two months ago, has already had profound impacts not only on global oil prices, but on the economies of Saudi Arabia & the Gulf States and beyond. The war also launched an ever-changing and ongoing conflict to determine control and access to the vital artery that supplies 20% of the world’s oil – the Strait of Hormuz. Whether it might result in more Russian pipelines to China, more American energy companies being willing to work in Venezuela, or Gulf States looking for long-term alternatives to avoid the Strait of Hormuz, global oil markets, trading partners, and routes for delivery may never be the same. Featured Speaker: Wafik Beydoun With over 40 years of international experience in the energy sector, Wafik Beydoun has lived and worked across more than 40 countries, leading major projects and partnerships while navigating diverse cultural and operational environments. A former senior executive at TotalEnergies, including leadership positions with ADNOC and the International Association of Oil and Gas Producers, he brings deep insight into how culture influences strategy, leadership, and collaboration on the global stage. He also played a significant role in professional societies and global industry events (like OTC and SEG), serving on the OTC Board of Directors for nearly a decade, including as Chair in 2018–2019. Today, Wafik teaches and advises on cultural intelligence, helping professionals and students decode cultural dynamics through his course Navigating Cultural Dynamics in a Complex Global Environment. Wafik holds a PhD in Geophysics and a Master’s in Earth Sciences from the Massachusetts Institute of Technology, and a Master’s in Science & Technology from the Université Pierre et Marie Curie, in Paris, France. He is a member of SEG, SPE, EAGE, AAPG, AGU, and Sigma Xi, with over 100 publications and communications to his credit.
