Latest news with #PrinceAbdulaziz
Arab News
9 hours ago
- Business
- Arab News
OPEC+ has proven to be oil market's central bank, says Saudi energy minister
RIYADH: OPEC+ has proven to be the 'central bank' and regulator of the global oil market, providing much-needed stability, Saudi Arabia's energy minister said. Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance's role in balancing oil markets amid global economic uncertainties. 'I would have to say that OPEC+ had proven to be an instrument that if it wasn't invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,' the energy minister said. Prince Abdulaziz also highlighted the ongoing partnership between Saudi Arabia and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation. 'I'm looking forward to host Alexander — the co-chair of our joint committee — to Saudi Arabia this year, with the biggest, most sizable business community participation,' he said. Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities. 'We have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in Saudi Arabia or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,' he added. The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming Saudi Arabia's commitment to cooperation with partners to maintain market stability. Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom's support amid external restrictions. 'It's been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we're trying to maneuver with the restrictions that are existing today,' he said. 'That has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.' On whether Saudi Arabia and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective. 'You give me a question that is not evidently seen happening, I don't have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,' he said. The minister clarified that OPEC+ consists of 22 member states and is not dominated by Saudi Arabia and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes. 'To respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,' he added. He concluded by highlighting OPEC+'s reputation as a reliable and adaptive organization. 'What we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,' he said.
Zawya
10 hours ago
- Business
- Zawya
Saudi energy minister on potential loss of Iranian oil: we only react to realities
Saudi Energy Minister Prince Abdulaziz bin Salman, asked if the kingdom and Russia would step in to replace any potential loss of Iranian oil, said on Thursday that the country will "only react to realities". The prince, speaking at an economic forum in St Petersburg, added that OPEC+ has been a reliable organisation that was attentive to circumstances when they prevailed, declining to comment on hypothetical questions. Oil prices have risen more than $10 over the past week on Middle East escalations after Israel attacked Iran last week. While the two foes have targeted energy infrastructure in each other's countries, a disruption to Middle Eastern oil exports or production has yet to happen. The U.S. is weighing a direct involvement in the conflict, an option which analysts say would raise the risk premium to oil prices even higher, increasing the chances of disruptions to energy supplies. Iran is a member of the Organization of the Petroleum Exporting Countries, but is exempt from production cuts that the group along with other allies including Russia have in place. OPEC+, as the alliance is known, 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 next on July 6 to decide on whether to increase production further from August. At their last meeting, Russia favoured pausing an output hike of 411,000 bpd for July, but eventually agreed for the hike to go ahead. (Reporting by Ahmad Ghaddar, Vladimir Soldatkin and Olesya Astakhova; Editing by Mark Trevelyan and Louise Heavens)
Argaam
10 hours ago
- Business
- Argaam
Saudi energy minister says OPEC+ become major oil price guarantor
Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ has become a key guarantor of oil prices and the sector as a whole. In his speech at the St. Petersburg Economic Forum, he also mentioned that OPEC+ is a trustworthy and successful alliance that adapts to changing conditions and has had great success maintaining oil market stability. In response to a question on whether the Kingdom and Russia would step in to replace any potential loss of Iranian oil, he said, 'We only react to realities," Reuters stated. He stated 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 (JVs), emphasizing the need to create a suitable investment climate despite the current circumstances.
Reuters
11 hours ago
- Business
- Reuters
Saudi energy minister on potential loss of Iranian oil: we only react to realities
ST PETERSBURG, Russia, June 19 (Reuters) - Saudi Energy Minister Prince Abdulaziz bin Salman, asked if the kingdom and Russia would step in to replace any potential loss of Iranian oil, said on Thursday that the country will "only react to realities". The prince, speaking at an economic forum in St Petersburg, added that OPEC+ has been a reliable organisation that was attentive to circumstances when they prevailed, declining to comment on hypothetical questions. Oil prices have risen more than $10 over the past week on Middle East escalations after Israel attacked Iran last week. While the two foes have targeted energy infrastructure in each other's countries, a disruption to Middle Eastern oil exports or production has yet to happen. The U.S. is weighing a direct involvement in the conflict, an option which analysts say would raise the risk premium to oil prices even higher, increasing the chances of disruptions to energy supplies. Iran is a member of the Organization of the Petroleum Exporting Countries, but is exempt from production cuts that the group along with other allies including Russia have in place. OPEC+, as the alliance is known, 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 next on July 6 to decide on whether to increase production further from August. At their last meeting, Russia favoured pausing an output hike of 411,000 bpd for July, but eventually agreed for the hike to go ahead.
Asharq Al-Awsat
09-06-2025
- Politics
- Asharq Al-Awsat
Saudi Interior Minister Hails Security Forces for Successful Hajj Season
Saudi Minister of Interior and Chairman of the Hajj Supreme Committee Prince Abdulaziz bin Saud bin Naif bin Abdulaziz extended congratulations from Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to the personnel involved in implementing the Hajj security plans on the occasion of Eid Al-Adha and the successful completion of this year's Hajj. This includes members of the Ministry of Interior, the Presidency of State Security, and supporting military agencies from the Ministry of National Guard, the Ministry of Defense, and the General Intelligence Presidency. Prince Abdulaziz met at the ministry's headquarters in Makkah on Sunday with senior officials, commanders of security sectors, Hajj security forces, and supporting military and security agencies in attendance. He stressed that in line with the directives of the leadership, who provided all necessary means and ensured coordination among all government and security bodies, the approved plans for this year's Hajj were successfully implemented, marking a continuation of ongoing development efforts. Prince Abdulaziz praised the efforts of the security and military sectors participating in this year's Hajj, commending their unity, sincerity, and dedication in the field. Their work reflected a deep sense of national and religious responsibility as they honored the privilege of serving the pilgrims, he added.
