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.
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