Saudi Energy Minister says OPEC+ became 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.