The Saudi Energy Minister on OPEC+ oil market role emphasized the alliance’s growing importance in stabilizing oil prices worldwide, especially during global uncertainty. Speaking at the St. Petersburg International Economic Forum in Russia, the energy minister described OPEC+ as a reliable and consistent force in global energy management.
During the session, he noted that OPEC+ reacts only to facts, not speculation or political influence. This approach, he said, ensures fair and balanced responses to rapidly changing market conditions. He also highlighted that the group adapts quickly and effectively to developments in the global economy.
The minister explained that the alliance includes 22 member countries, with a core group of eight. These core members, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, continue to guide collective policy decisions and strategic directions. They plan to meet on July 6 to discuss increasing oil production in August.
He warned that no country should make unilateral decisions or speak for the alliance without consensus. According to him, maintaining coordination and unity among all OPEC+ members is essential. He pointed out that the group has successfully overcome many past challenges through joint, deliberate decisions.
The Saudi Energy Minister on OPEC+ oil market role also mentioned ongoing cooperation between Riyadh and Moscow. He said both countries are working on joint investment projects and long-term initiatives. These efforts aim to create favorable business environments and attract foreign investors to both nations.
The forum opened with a speech by the Russian president, who stressed respect for sovereignty and fair international cooperation. During the session, the Russian deputy prime minister echoed the need for calm and calculated decisions. He cautioned against panic as oil prices remain high due to regional tensions.
The Saudi Energy Minister on OPEC+ oil market role reaffirmed that the alliance will continue monitoring market changes. He stressed that OPEC+ decisions depend only on reliable economic data, not external political pressure.
