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Saudi Arabia, Russia, Kazakhstan Stress Importance of Maintaining Balance in Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
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Saudi Arabia, Russia, Kazakhstan Stress Importance of Maintaining Balance in Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)

Saudi Arabia, Russia and Kazakhstan stressed on Wednesday the importance of maintaining stability and balance in global oil markets, highlighting the significant role played by the OPEC+ Group in this regard.

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud took part, by phone, in a meeting with Russian Deputy Prime Minister Alexander Novak and Kazakhstan’s Minister of Energy Almasadam Satkaliyev in Astana.

They underlined the importance of cooperation among OPEC+ member countries and full adherence to the agreement, including the voluntary production cuts agreed upon by the eight participating countries, as well as compensating for any excess production.

The Kazakh minister reiterated his country’s full commitment to the agreement, the voluntary production cuts, and compensating for any overproduction, in accordance with the updated schedule submitted to the OPEC Secretariat.

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Saudi Arabia Expands Efforts to Integrate into Global Supply Chains

Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Expands Efforts to Integrate into Global Supply Chains

Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)

Saudi Arabia is intensifying its efforts to secure access to essential materials, promote local manufacturing, enhance sustainability, and strengthen its participation in global supply chains. This follows Minister of Investment Khalid Al-Falih’s announcement of nine new agreements, alongside 25 additional deals under review, under the Global Supply Chain Resilience Initiative (Jusoor).
Speaking during the 28th Annual World Investment Conference in Riyadh, Al-Falih described these agreements as a major step toward building more resilient and efficient supply chains in the Kingdom.
He noted that the program, which reflects the vision of Crown Prince Mohammed bin Salman, forms part of the National Investment Strategy and is supported by government programs such as the National Industrial Development and Logistics Program (NIDLP).
Al-Falih highlighted Saudi Arabia’s plans to facilitate access to critical minerals, promote local manufacturing, and expand its footprint in global green energy markets. He emphasized that “green supply” is a fundamental pillar of the initiative, supported by investments in renewable energy.
The Kingdom aims to develop 100 new investment opportunities across 25 value chains, including projects in green energy and artificial intelligence (AI), he underlined.
The government is also offering incentives for companies to invest in special economic zones and aims to attract investments in emerging sectors such as semiconductors and digital manufacturing. Al-Falih stressed the importance of collaboration between public and private sectors in advancing Saudi Arabia’s Vision 2030 goals.
He reiterated the government’s full commitment to realizing this vision, with ministries continuing to support this strategic initiative focused on sustainable development and the localization of advanced industries.
Minister of Industry and Mineral Resources Bandar Al-Khorayef announced that Saudi Arabia has attracted over $160 billion in investments to its market—nearly triple previous figures. Capital in the mining sector has grown to $1 billion, while investments in mineral wealth have exceeded $260 million.
Al-Khorayef underlined the Kingdom’s commitment to building strong, reliable partnerships through strategies that prioritize supply chain development and sustainability. He identified the Jusoor initiative as a key mechanism for linking Saudi Arabia to global supply chains, tackling challenges such as energy transitions and the growing demand for critical minerals.
For his part, Minister of State and Cabinet Member Dr. Hamad Al-Sheikh, who also serves as Secretary-General of the Localization and Balance of Payments Committee, highlighted Saudi Arabia’s strategic investments in infrastructure, saying that these efforts aim to position the Kingdom as a leading global logistics hub.