Saudi Energy Minister Calls for Stable Energy Sector During Russia Visit

Saudi Energy Minister Meets Russian Counterpart at St Petersburg Forum

Prince Abdulaziz bin Salman Al Saud, Saudi Arabia’s Minister of Energy, met with his Russian counterpart, Deputy Prime Minister Alexander Novak, during a visit to the St Petersburg International Economic Forum. The meeting took place as OPEC+ officials grapple with disruptions caused by ongoing conflicts in Iran and Ukraine.

During the gathering, Prince Abdulaziz bin Salman emphasized the need for stability in global energy markets. He stated that “the world needs every molecule of energy” and that “energy security is crucial for sustainability.” Novak echoed these sentiments, noting that uncertainty surrounding demand has increased.

Novak also acknowledged that Russian oil production has declined since the start of the year, citing unplanned maintenance at refineries as the cause. This marks a notable shift in official statements, with previous reports suggesting continued stability in Russia’s energy sector.

The OPEC+ meeting on Sunday is expected to discuss potential output hikes for July, according to sources. The closure of the Strait of Hormuz and subsequent cuts in oil exports have rendered agreements to raise production quotas largely theoretical. Saudi Arabia, Russia, and other OPEC+ countries are likely to revisit their targets at the upcoming meeting.

Prince Abdulaziz bin Salman and Novak’s meeting highlights the ongoing challenges faced by OPEC+, which has been impacted by disruptions caused by conflicts in Iran and Ukraine. The discussions during the St Petersburg forum underscore the need for cooperation and stability in global energy markets.

Source: Al Jazeera