Saudi Energy Minister Calls for Energy Stability During Russia Visit
- 3 days ago
- 1 min read
ST. PETERSBURG, June 4 (Saudi Arabia Breaking News) — Saudi Energy Minister Prince Abdulaziz bin Salman met his Russian counterpart in St. Petersburg on Thursday and called for stability in the energy sector as the Iran and Ukraine wars disrupt oil output and exports, Reuters reported.
Prince Abdulaziz attended the St. Petersburg International Economic Forum alongside senior OPEC officials.
“The situation we’re going through now does make a point here, which is the world needs every molecule of energy, and every form of stabilization to this energy, because without energy security, you will lose sustainability,” he said.
Russian Deputy Prime Minister Alexander Novak said oil demand remained uncertain but that OPEC+ was able to offset global changes in the energy sector.
“We came to the conclusion that no one really knows what to expect regarding demand at the moment,” Novak said after meeting the Saudi minister.
Novak said Russian oil production had fallen since the start of the year, citing unplanned refinery maintenance.
OPEC Secretary General Haitham Al Ghais said the group still expects robust oil demand growth and has not changed its estimates.
Saudi Arabia, Russia and five other OPEC+ countries are expected to discuss another increase in their output target for July when they meet on Sunday, Reuters reported, citing sources.
OPEC+ includes OPEC members and allied producers led by Russia.
