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Energy stability push
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al Saud called for a “stable energy sector” during a visit to St Petersburg, saying “the world needs every molecule of energy, and every form of stabilisation to this energy.”
“Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al Saud has met his Russian counterpart in St Petersburg and called for stability in global energy markets as OPEC+ grapples with disruptions caused by the wars in Iran and Ukraine, which have sent oil prices skyrocketing”
At the St Petersburg International Economic Forum, Abdulaziz bin Salman emphasized that “without energy security, you will lose sustainability,” as OPEC+ grappled with disruptions tied to wars in Iran and Ukraine and oil prices “skyrocketing.”
His Russian counterpart, Deputy Prime Minister Alexander Novak, said “uncertainty has increased” and argued that “no one really knows what to expect regarding demand at the moment.”
Novak also said Russia’s low oil production reflected “unplanned maintenance at refineries,” and he described the need to revise expectations as “Estimates made just a few years ago now need to be fundamentally revised.”
MBS returns to stage
DW described Mohammed bin Salman as being “rehabilitated” as a commodity crisis and energy-price pressures pushed the United States to seek Saudi oil output, with Biden meeting the crown prince on July 15 during a visit to Saudi Arabia.
Ouest-France said Mohammed bin Salman left Saudi Arabia on Tuesday, July 26, 2022, and would travel to Greece and then France, framing it as his first visit to European Union member states since the 2018 Khashoggi affair.
The same Ouest-France account said the visit came “less than two weeks after” Joe Biden’s trip to the kingdom and noted that the “fist bump” between the two men in Jeddah “sealed the American president’s return” to his campaign promise to treat Saudi Arabia as a “pariah.”
Amnesty International’s Agnès Callamard, quoted by DW, rejected the shift in tone, saying “MBS is nothing but a killer.”
OPEC+ decisions and fallout
Al Jazeera reported that OPEC+ faced “unprecedented challenges,” including slashed oil exports and the United Arab Emirates leaving the oil cartel in April, as the Saudi minister and other top OPEC officials visited the St Petersburg International Economic Forum.
“✕ Home News Analysis Agro-Forestry Art & Culture Technology Economy & Business Education Energy & Extractives Politics Law & Governance Health Science & Environment Social & Gender Sports Transport Urban Development WASH Research LogIn/SignUp Close the sidebar Global Energy Stability: A Priority at St Petersburg Forum Saudi Arabian energy minister Prince Abdulaziz bin Salman emphasized the need for global stabilization in the energy sector during his address at the St”
It also said Reuters reported that Saudi Arabia, Russia, and five other OPEC+ countries would likely agree to “a further hike in their output target for July” when they meet on Sunday, citing unnamed sources.
In parallel, Devdiscourse said Saudi Arabian energy minister Prince Abdulaziz bin Salman emphasized the need for global stabilization in the energy sector during his address at the St. Petersburg International Economic Forum in Russia.
The stakes were framed in terms of market volatility and sustainability, with Abdulaziz warning that “there are so many moving parts, there are so many unknowns,” and Novak adding that “Estimates made just a few years ago now need to be fundamentally revised.”
