The huge oil and gas rent after COVID and the war in Ukraine

After COVID and the war in Ukraine, oil and natural gas prices are significantly higher than oil and gas production costs in many countries, particularly in the Middle East. This gives rise to a huge oil and gas rent in these countries at the expense of oil- and gas-buying countries (Europe, India, Japan, China, etc.). The question that arises is how the countries that receive this rent will use it: Will they spend it and import the corresponding goods? Will they invest it? If so, in which assets: bonds, equities, stakes in companies? How this rent is used will have major implications for the economy and financial markets.