Saudi Energy Minister Announces Joint Business Forum with Russia

Prince Abdulaziz bin Salman and Novak prepare to attend a session titled “Global Energy Markets: Shifting Relations and Balancing Interests” at the Russian Energy Week (EPA). 
Prince Abdulaziz bin Salman and Novak prepare to attend a session titled “Global Energy Markets: Shifting Relations and Balancing Interests” at the Russian Energy Week (EPA). 
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Saudi Energy Minister Announces Joint Business Forum with Russia

Prince Abdulaziz bin Salman and Novak prepare to attend a session titled “Global Energy Markets: Shifting Relations and Balancing Interests” at the Russian Energy Week (EPA). 
Prince Abdulaziz bin Salman and Novak prepare to attend a session titled “Global Energy Markets: Shifting Relations and Balancing Interests” at the Russian Energy Week (EPA). 

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, announced that the Kingdom and Russia are preparing to host a joint business forum, which will bring together approximately 100 Russian companies and business leaders alongside participants from the Saudi private sector. The initiative is designed to broaden economic and investment cooperation between the two countries beyond the traditional energy sector.

Speaking at Russian Energy Week 2025 in Moscow, Prince Abdulaziz emphasized that energy security and economic prosperity are essential foundations for addressing sustainability and climate change. “Without energy security and economic prosperity, I don’t believe it will be possible to tackle sustainability and climate change,” he stated.

The upcoming forum represents a significant boost to Saudi-Russian relations, which now span 11 key sectors and involve more than 27 institutional partners from both sides. This reflects a steady and strategic expansion of bilateral ties, according to the minister.

A statement from the Russian government confirmed that Prince Abdulaziz held talks with Russian Deputy Prime Minister Alexander Novak on the sidelines of the conference. Discussions focused on developing joint projects in liquefied natural gas (LNG), hydropower, and nuclear energy. Novak stressed that collective work within OPEC+ serves both countries’ long-term interests and strengthens their economies.

This follows earlier reports indicating that Saudi Arabia is finalizing several energy agreements to be signed during the upcoming Saudi-Russian Joint Governmental Committee meeting in Riyadh on November 6. The aim is to reinforce ongoing cooperation across multiple sectors.

Prince Abdulaziz confirmed that Saudi Arabia will host the joint business forum, expressing optimism that it will result in a number of new agreements. He explained that the event builds on six years of growing collaboration in fields such as industrial projects, power networks, and tourism. Direct flights between Riyadh and Moscow were recently launched, reflecting the rapid growth in tourism between the two nations.

According to Interfax, bilateral trade between Saudi Arabia and Russia grew by 62.7% last year. Russian investments in the Kingdom increased sixfold, while Saudi investments in Russia rose by 11%. Over the past decade, the two sides have launched more than 40 joint projects in information technology, transport, infrastructure, and petrochemicals.

Novak said Russia expects global oil demand to rise this year at a pace similar to last year. He noted that the country has the capacity to increase production, though its output in September remained slightly below its OPEC+ quota. Russian oil production reached 9.321 million barrels per day in September, up 148,000 barrels from August but still 94,000 barrels short of the quota.

He added that Moscow will not submit a new compensation schedule to OPEC+, explaining that it is already offsetting excess output accumulated earlier this year. Russia plans to maintain its current schedule, which includes a reduction of 34,000 barrels per day through the end of the year.

Oil prices are currently trading around $62 per barrel for Brent crude and $58 for US crude — their lowest levels in five months.

OPEC Secretary-General Haitham Al Ghais underscored the critical role of oil in ensuring stable energy supplies. He explained that economic growth, population expansion, and technological advancement all point to rising global energy demand in the decades ahead.

OPEC forecasts that oil will account for about 30% of the global energy mix by 2050, with primary energy demand rising by 23%. The organization continues to call for increased investment in the oil and gas sector, projecting that $18.2 trillion will be needed by 2050, up from $17.4 trillion estimated last year.

 

 

 



Spain's Repsol Reportedly Wins Back Control of Venezuelan Oil Operations

FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
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Spain's Repsol Reportedly Wins Back Control of Venezuelan Oil Operations

FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo

Spanish energy group Repsol is poised to take back operational control of its Venezuelan oil assets and boost production following a deal signed with the South American government, the Financial Times reported on Thursday.

Repsol is expected to announce the agreement as early as Thursday, FT added, citing a person familiar with ⁠the matter.

The agreement ⁠will include plans to triple production from its Venezuelan oil operations within three years and establish a "guaranteed" payment system that will avoid previous pitfalls under which the capital city ⁠of Caracas failed to pay up, according to the report.

Reuters could not immediately verify the report. Repsol did not immediately respond to Reuters' request for a comment.

Venezuela holds one of the largest oil reserves in the world but has dilapidated energy infrastructure.

In 2023, Repsol reached an agreement with Venezuela to continue operating its ⁠facilities ⁠there. The deal later lapsed after US President Donald Trump revoked licenses granted to Repsol and other Western companies to operate in the country.

After the US captured President Nicolas Maduro in January, Washington eased sanctions on Venezuela's energy sector, issuing general licenses that allow global energy companies to operate oil and gas projects in the OPEC member.


China's Economy Beats Forecasts, but War Darkens Outlook

China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
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China's Economy Beats Forecasts, but War Darkens Outlook

China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP

China's economy expanded more than expected in the first three months of the year, with official data Thursday indicating resilience in the face of a Middle East crisis that threatens to hit global growth.

The figures came despite a surge in world energy prices caused by the US-Israel war on Iran, which has stymied shipping through the crucial Strait of Hormuz, through which a fifth of the world's oil and natural gas passes.

Analysts say China's diversified energy supply shields it from immediate shocks, though a potential global downturn caused by the war could weaken demand for its exports, which have been propping up the country's economy.

Gross domestic product in the world's second-largest economy expanded 5.0 percent year-on-year in January-March, according to the National Bureau of Statistics (NBS).

The reading was slightly higher than an AFP forecast of 4.8 percent based on a survey of economists.

During the first quarter, China's economy "achieved a strong start to the year, further demonstrating its resilience and vitality", the NBS said in a statement announcing the data.

The reading came days after the International Monetary Fund cut its 2026 global growth projection, warning that the world economy could be "thrown off course" by the Middle East war.

It also reduced its forecast for China to 4.4 percent growth, from a previous estimate of 4.5 percent.

"The global economy is facing this next test of resilience as signs of unevenness lie beneath the surface," it said, noting that China's "domestic activity -- especially in the housing sector -- lags behind exports".

Beijing has set a 2026 target of 4.5-5.0 percent growth -- the lowest in decades.

A years-long crisis in the property sector and a persistent slump in domestic spending have left leaders reliant on exports to meet growth targets.

- Trade headwinds -

Outbound shipments have boomed, exemplified by the country's whopping $1.2 trillion trade surplus last year.

But data this week showed export growth slowed sharply in March, indicating that war in the Middle East was already taking a toll.

Thursday's NBS data also showed retail sales grew 1.7 percent on-year in March, well short of a Bloomberg forecast of 2.4 percent.

Industrial production rose 5.7 percent, the NBS said, beating a Bloomberg estimate of 5.3 percent but well down from the 6.3 percent seen in January and February combined.

The first-quarter acceleration in growth was fueled by exports, Zichun Huang of Capital Economics wrote in a note.

"We think growth will soften a bit over the rest of the year," she said.

"While the Chinese economy is holding up well, it is becoming ever more dependent on external demand," she said, noting that the Iran war "is likely to add to this trend".

A major international trade fair kicked off this week in Guangzhou -- a metropolis in China's southern manufacturing heartland -- where attendees told AFP the war is impacting their business.

Chinese exporters and Middle Eastern buyers at the opening day of the Canton Fair on Wednesday gloomily told AFP the Iran war had pummeled orders and led to price hikes.

Wang Jun, the deputy head of China's customs administration, this week acknowledged "many uncertainties and instabilities in the external environment".

"The impact of international geopolitical conflicts on global industrial and supply chains is still evolving in a complex manner," he said.


Saudi Arabia, US Sign Tax Information Exchange Agreement

Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
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Saudi Arabia, US Sign Tax Information Exchange Agreement

Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)

Saudi Minister of Finance Mohammed Al-Jadaan has held a series of meetings in Washington, D.C. to discuss strengthening bilateral economic cooperation and addressing challenges facing the global economy.

Al-Jadaan began his meetings on Wednesday by holding talks with US Treasury Secretary Scott Bessent. They discussed the latest developments in the global economy and financial issues of common interest.

They signed a Tax Information Exchange Agreement to enhance tax cooperation, as well as facilitate the exchange of knowledge and technical expertise between the two sides.

As part of strengthening European economic relations, Al-Jadaan met with French Minister of the Economy, Finance, and Industrial, Energy, and Digital Sovereignty Roland Lescure.

The two sides discussed economic developments in the world, focusing on exploring new ways to deepen financial and industrial cooperation between the Kingdom and France, in a way that serves common interests.

Regarding relations with Pakistan, the Minister of Finance discussed with both his Pakistani counterpart, Muhammad Aurangzeb, and the Governor of the State Bank of Pakistan, Jameel Ahmad, prospects for financial and economic cooperation.

The discussions addressed ways to support financial stability and enhance joint work between financial institutions in both countries.