Latest news with #Abdulaziz
Arabian Post
14 hours ago
- Business
- Arabian Post
OPEC+ Emerges as Pillar of Oil Market Stability
Saudi Energy Minister Prince Abdulaziz bin Salman told delegates at the St Petersburg Economic Forum on 19 June that OPEC+ has evolved into a 'key guarantor' of global oil prices and market stability. The alliance's capacity to respond to evolving economic and geopolitical realities distinguishes it as an effective and trustworthy instrument for safeguarding the sector. At the forum, Prince Abdulaziz emphasised that OPEC+ adapts proactively to prevailing conditions. He was clear that any action by Riyadh or Moscow to offset potential disruptions in Iranian oil exports will be guided strictly by actual developments. 'We only react to realities,' he stated, declining to engage in hypotheticals—a stance aligned with OPEC+'s collective decision-making framework. Analysts say his comments come amid a sharp surge in crude prices, driven by escalating tensions following an Israeli assault on Iranian nuclear infrastructure. According to Reuters, Brent crude has climbed more than $10 per barrel in just one week, inflating the geopolitical risk premium. Despite this volatility, there has been no significant disruption to Middle Eastern oil exports to date. ADVERTISEMENT Prince Abdulaziz underscored the cohesive nature of OPEC+, which comprises 22 member countries. He affirmed that decisions are taken collectively rather than unilaterally by dominant players, a principle reaffirmed by his preference to 'react to realities' rather than speculation. The alliance's next meeting is scheduled for 6 July, when eight core producers—including Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Algeria and Kazakhstan—will discuss production levels for August and beyond. Global demand forecasts also featured prominently in forum discussions. OPEC Secretary General Haitham Al Ghais noted increasing consumption in developing economies, especially during the northern hemisphere summer, reinforcing the need for calibrated production policies. Meanwhile, Kirill Dmitriev, head of Russia's RDIF, suggested that Russia, Saudi Arabia and the United States might reprise their 2020-era role in stabilising oil markets, citing historical precedents from the pandemic response. Despite the ability to moderate price swings, the alliance faces internal tensions. In May, Saudi Arabia and Russia spearheaded a 411,000 barrels‑per‑day production increase, despite earlier preferences among some members for a pause. Leaks from the meeting revealed discontent with non-compliant producers, prompting Riyadh to push through the increase to protect its market interests. Analysts suggest this indicates a strategic pivot: reclaiming market share over propping up prices alone. Meanwhile, geopolitical variables are influencing OPEC+ strategy. Rising tensions in the Strait of Hormuz, following conflict between Israel and Iran, have elevated concerns of supply disruption. However, as of mid‑June, the vital maritime route continues to operate without incident. The U.S. is reportedly weighing deeper engagement in the region, a development that could further complicate supply dynamics and pricing. The energy minister also highlighted collaboration beyond output quotas. Saudi Arabia and Russia are advancing joint efforts to create investor-friendly environments through joint ventures in energy and related sectors. Prince Abdulaziz confirmed plans for Russian Deputy Prime Minister Alexander Novak to visit Riyadh later this year, accompanied by a large business delegation. He said the initiative aims to 'deepen bilateral economic ties and foster diversified investment opportunities,' affirming both countries' commitment to mutual investment facilitation. These comments reinforce the perception of OPEC+ as a stabilising force comparable to a central bank's role in financial markets. Prince Abdulaziz described the alliance as 'the central bank and regulator of the global oil market,' emphasising its flexibility and responsiveness to global economic shifts. He further noted the Kingdom's support for Russia amid external pressures, affirming Riyadh's diplomatic solidarity. Looking ahead, OPEC+ is poised to navigate the balance between maintaining price stability and managing production share. The upcoming 6 July meeting will be pivotal in determining whether the group confirms further increases or holds current output steady amid signal mixed signals from demand forecasts and geopolitical uncertainty.
Saudi Gazette
a day ago
- Business
- Saudi Gazette
Saudi energy minister: OPEC+ become key guarantor of oil prices
Saudi Gazette report ST. PETERSBURG — Saudi Minister of Energy Prince Abdulaziz bin Salman said on Thursday that OPEC+ has become a key guarantor of oil prices and the oil sector as a whole. Speaking at the St. Petersburg Economic Forum on Thursday, he said that OPEC+ is a trustworthy and successful alliance that adapts to changing conditions and has had great success in maintaining oil market stability. In response to a question on whether Saudi Arabia and Russia would step into replace any potential loss of Iranian oil supplies, Prince Abdulaziz said: "We will only react to realities." The energy minister said that Saudi Arabia and Russia are working together to create a climate for those wishing to invest in both countries in various ways, including through joint ventures, emphasizing the need to create a suitable investment climate despite the current circumstances Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC), but is exempt from production cuts that the group along with other allies including Russia have in place. OPEC+ was in the process of increasing production targets for eight of its members before Israel's attack on Iran last week. The group of eight which includes Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Algeria and Kazakhstan will meet on July 6 to decide on whether to increase production further from August. At the end of May, the Organization of the Petroleum Exporting Countries (OPEC) announced that the eight OPEC+ member states had agreed to increase oil production by 411,000 barrels per day in July. The organization said in a statement that the increase was due to stable global economic conditions and the strength of current market fundamentals. The eight OPEC+ members, which include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, had previously announced additional voluntary adjustments in April and November 2023, held a meeting via video conference on Saturday to review oil market developments and future prospects. The OPEC+ statement said that in light of the stable future prospects for the global economy and the current positive market fundamentals, the participating countries decided to implement a production adjustment of 411000 barrels per day in July 2025 compared to the required production level in June 2025, which is equivalent to three monthly increases.
Gulf Insider
7 days ago
- Gulf Insider
Israel Strikes On Iran: Saudi Airports Issue Travel advisory Amid Regional Tensions
Major Saudi airports have issued a travel advisory for passengers following the closure of airspace across parts of the Middle East after Israel's strikes on Iran on Friday. The move comes amid rising regional tensions and widespread flight disruptions. According to Saudi Gazette, authorities at major Saudi airports—including King Khalid International Airport (Riyadh), King Abdulaziz (Jeddah), King Fahd (Dammam), and Prince Mohammad bin Abdulaziz (Madinah)—have urged passengers to check with their airlines before heading to the airport due to regional airspace closures. 'In light of the current developments in some countries in the region, passengers flying to or through affected areas are advised to confirm their flight status to avoid unexpected delays or cancellations,' the airports stated in social media posts. Following Israel's early morning air raids on Iranian military sites, several Middle Eastern nations closed their airspace, forcing airlines to reroute or cancel flights. This has led to potential delays, longer flight times, and travel disruptions for passengers across the region. The Kingdom's advisory aims to minimise inconvenience and ensure passenger safety amid shifting aviation conditions caused by the escalating conflict. Earlier, Saudi Arabia strongly condemned the Israeli airstrikes on Iranian territory, calling them a clear violation of Iran's sovereignty and international law. The Foreign Ministry expressed 'deep concern' over the attacks, urging the UN Security Council to take immediate action to halt the aggression and prevent further escalation.
Saudi Gazette
09-06-2025
- Politics
- Saudi Gazette
Interior minister: We didn't witness anything that disrupts Hajj or affects pilgrims' safety
Saudi Gazette report MAKKAH — Minister of Interior Prince Abdulaziz bin Saud bin Naif emphasized that this year's Hajj season did not witness anything that would disrupt the Hajj or affect the safety and security of pilgrims. "No epidemic or quarantine cases have also been recorded. Preventive efforts and health services provided to pilgrims have resulted in bringing down the rates of illness, heat exhaustion, and deaths," he said. The minister made the remarks in cables of congratulations sent to Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammed bin Salman on the occasion of Eid Al-Adha and the success of this year's Hajj season. Prince Abdulaziz extended the greetings on behalf of himself and on behalf of emirs of the regions, members of the Supreme Hajj Committee, security forces, and all members of the governmental and private agencies participating in this year's Hajj. Addressing the King and the Crown Prince, the minister reaffirmed that the success of this year's Hajj season was achieved by the grace of God and then by your generous attention and guidance, saying that this was the cornerstone in enabling all parties involved in the Hajj mission to implement all plans encompassing security, preventive, organizational, health, service, and traffic sectors, with full competence and efficiency. This is in view of providing with the highest standards of care and services to the total number of pilgrims this year, which reached 1,673,230. The minister highlighted that security personnel and all members of the governmental and civil agencies involved in serving the guests of God performed their duties with competence and professionalism, resulting in the success of all plans put in place. Prince Abdulaziz prayed to God to protect the King and the Crown Prince, as well as to perpetuate their glory, and make them a source of strength for Islam and Muslims. He also prayed to God to bestow upon Saudi Arabia the blessings of security, stability, and prosperity under the wise leadership of the King and the Crown Prince.
Saudi Gazette
08-06-2025
- Saudi Gazette
Interior minister opens Mujahideen's new Hajj Command HQ in Muzdalifah
Saudi Gazette report MAKKAH — Minister of Interior and Chairman of the Supreme Hajj Committee Prince Abdulaziz bin Saud bin Naif inaugurated on Sunday the General Command Headquarters for Hajj and Umrah missions, affiliated with the General Administration of Mujahideen, in Muzdalifah. During the inauguration, Prince Abdulaziz watched a presentation on the new facility, which has been equipped with the latest technical and security standards. These enhancements will enable the personnel and field teams of the General Administration of Mujahideen to serve pilgrims with the highest levels of efficiency and professionalism. The minister visited on Saturday the General Transport Center of the Royal Commission for Makkah City and the Holy Sites in Arafat. He was received by Minister of Transport and Logistic Services and Chairman of the Board of Directors of Transport General Authority (TGA) Saleh Al-Jasser; Deputy Minister of Transport and Logistics and TGA Acting President Dr. Rumaih Al-Rumaih; and CEO of the Royal Commission for Makkah City and the Holy Sites Eng. Saleh Al-Rasheed. During the visit, Prince Abdulaziz had a briefing on the transport system's operations during this year's Hajj season, including the planning, operation, and control mechanisms managed by the center. This includes central operation rooms and subsidiary control rooms that regulate crowd movement, direct buses, and ensure smooth flow using real-time data analysis tools and live monitoring systems. The interior minister also reviewed the interactive map of pilgrim service routes between Mina and the Grand Mosque during the days of Tashreeq, which regulates shuttle transport and sets closure times for each route. The General Transport Center is responsible for organizing and managing the transport system in Makkah and the holy sites through multiple operational modes, including shuttle transport and single and double shuttles, in direct coordination with over ten government agencies to ensure functional integration within the Hajj system.
