Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday that the OPEC+ alliance has become a key stabilizing force for oil prices and the broader energy market, describing the group as a reliable and adaptive coalition that responds only to market realities.
Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz stressed that OPEC+ is flexible and reacts only to facts, not speculation.
“We are a credible alliance that adapts as circumstances evolve,” he told a session that also featured Russian Deputy Prime Minister Alexander Novak.
The minister’s remarks came on the opening day of the forum, which began with a welcome address by Russian President Vladimir Putin.
Putin emphasized Russia’s commitment to “sovereign development and respect for cultural and civilizational identity,” particularly within partnerships such as BRICS. He said Moscow remains committed to building a “fair and mutually beneficial international system of cooperation free from discrimination, coercion and sanctions pressure.”
During the joint session, Prince Abdulaziz said: “As you know, we are not the only two countries managing OPEC+. The alliance consists of 22 countries, including a core group of eight. It is our duty to maintain communication with all members and ensure joint decisions are made in response to market developments.”
He warned against unilateral declarations on behalf of the group, saying: “No one has the right to speak on behalf of the alliance without knowing the collective stance.”
Since its formation, OPEC+ has resolved “many challenges,” he added.
The eight core members of the OPEC+ alliance are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. These countries are scheduled to meet on July 6 to decide whether to begin increasing production in August.
At the end of May, OPEC announced that the eight nations had agreed to boost oil output by 441,000 barrels per day in July, citing improving global economic conditions and strong market fundamentals.
When asked whether Saudi Arabia and Russia would step in to offset any potential shortfall in Iranian oil, Prince Abdulaziz said: “We only respond to facts.” He reiterated that OPEC+ remains a reliable and effective alliance, closely monitoring market developments.
The minister also highlighted efforts by Riyadh and Moscow to create a favorable investment climate in both countries through various joint projects, noting the importance of fostering such conditions amid current global uncertainties.
Novak, for his part, underscored the need for oil market stability. “OPEC+ must implement its plans calmly and avoid creating panic in the market,” he said, cautioning against overreactions at a time when oil prices have surged due to tensions between Iran and Israel.
