The shadow of war in the Middle East, especially following recent developments, has had profound effects on economic meetings in Bangkok and global oil markets. With the closure of some oil passages, nearly 20 percent of the world's oil has been removed from market access, which in turn has impacted energy prices and related products.
Consequences of Oil Passage Closures
The closure of these passages has led to a sharp increase in diesel prices. Particularly in developing countries, this price increase can directly affect transportation costs and the prices of goods. Additionally, due to reduced access to oil resources, the price of chemical fertilizers has also risen, which can impact agricultural production and food security.
Read more: Formation of a Consortium for Gas Transfer from Turkmenistan to Serkhs by Gholamhossein Mozaffari
Economic Developments and the El Niño Phenomenon
Alongside these issues, the approaching weather phenomenon of "Super El Niño" is also influencing the global economic situation. This phenomenon can lead to severe climate changes and consequently greater fluctuations in energy and agricultural product prices. These two factors are simultaneously putting pressure on the global economy and may lead to recession in some markets.
Given these developments, economic meetings in Bangkok are particularly focused on forecasts related to oil prices and the economic strategies of developing countries. These meetings provide an opportunity to examine necessary measures to address challenges arising from energy imbalance and climate changes.
Read more: Developing Renewable Energies Without Standards is Wasting Capital · Kazem Gharibabadi: The Strait of Hormuz is a Red Line for Iran's National Security
