The oil price is close to a 3-year peak, raising the question of whether looser output restrictions may be on the way at the next OPEC+ ministerial meeting on 4th October.
Obviously, the oil price rally provides relief for emerging market net exporters, but this may weaken reform impetus (eg in parts of the GCC like Kuwait).
On the other hand, net importers suffer and, for some, imported fuel inflation is compounding imported food inflation (eg Bangladesh, Jordan, Lebanon, Pakistan and Philippines).
EM oil and gas exporter equity markets are already generally at substantial valuation premia versus history. The relatively cheaper exporters are Colombia, Oman and Qatar.
OPEC+ reset, July 2021
Saudi's 'Vision 2030' five years in, April 2021
Commodity food prices accelerating again, September 2021