Saudi and Russian Energy Officials Discuss Oil Market Developments, OPEC+ Coordination
Riyadh, The Gulf Observer: Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak met in Riyadh to discuss recent trends in the global oil market and reaffirm ongoing cooperation between the two nations within the OPEC+ alliance.
The high-level talks underscored the shared commitment of Saudi Arabia and Russia — two of the world’s largest oil producers — to ensure market stability through coordinated production policies. The discussions came shortly after the latest virtual meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), held on Monday, which called for full compliance with the group’s agreed production targets.
According to a statement issued by the Saudi Ministry of Energy, both officials stressed the strategic importance of continued coordination under OPEC+, particularly in light of fluctuating global demand and supply dynamics. Russian news agency Interfax reported that the meeting also covered prospects for deepened bilateral energy cooperation.
The discussions precede a critical meeting of eight OPEC+ members scheduled for this Sunday, during which a final decision is expected on a potential production increase for September. Analysts, including Goldman Sachs, forecast a modest output hike of approximately 550,000 barrels per day.
Beyond energy, Prince Abdulaziz and Novak — who also co-chair the Saudi-Russian Joint Governmental Committee on Trade, Economic, Scientific, and Technical Cooperation — reviewed progress made since the committee’s eighth session. Notable achievements include the inauguration of direct flights between Saudi Arabia and Russia, as well as the signing of multiple memorandums of understanding in fields such as industry, education, media, and religious affairs, particularly related to Hajj and Umrah services.
The officials also explored further avenues to enhance bilateral trade and expand economic collaboration across sectors. Both sides expressed optimism regarding the upcoming ninth session of the joint committee, scheduled to take place in Riyadh on November 6, 2025.
The meeting reaffirmed the deepening of Saudi-Russian strategic ties, especially in the realms of energy and trade, and highlighted both nations’ intention to maintain a proactive role in ensuring global energy market balance.
