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Saudi Arabia, Russia Hold Onto Balanced Oil Market

Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak during the press conference in Riyadh on Saturday. Photo by Saad al-Dossary
Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak during the press conference in Riyadh on Saturday. Photo by Saad al-Dossary
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Saudi Arabia, Russia Hold Onto Balanced Oil Market

Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak during the press conference in Riyadh on Saturday. Photo by Saad al-Dossary
Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak during the press conference in Riyadh on Saturday. Photo by Saad al-Dossary

Saudi Arabia and Russia confirmed on Saturday that they would continue to work on balancing the oil market and stressed the importance of cooperation among OPEC and non-OPEC countries.

OPEC+ will hold an online summit on January 4, while Riyadh and Moscow are due to hold talks in March, a meeting hoped to be "in person", Saudi Energy Minister Prince Abdulaziz bin Salman said.

His remarks came during a joint press conference with Russian Deputy Prime Minister Alexander Novak in Riyadh.

Both ministers agreed on the importance of strengthening cooperation between the relevant authorities in oil and gas, electricity, energy efficiency and alternative energy, and providing support to overcome any challenges facing this cooperation.

There will also be greater cooperation in industry, space, information and communication technologies, urban development, finance and banking, transport, education and culture, they said.

With Russia, “we are on the same page in our bilateral relationship and making sure that the market is stable and sustainable. Continuous sustainability and stability is the pillar,” said the Saudi Energy Minister.

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Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
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Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)

The Saudi Energy Ministry announced Saturday that the Kingdom has officially joined the International Partnership for the Hydrogen and Fuel Cells in the Economy (IPHE), as part of its ongoing efforts to foster international collaboration in developing this vital sector.
This accession marks a major step for the Kingdom, reinforcing its pioneering role in global sustainability efforts and in innovating advanced solutions for clean energy, the Ministry said in a statement.
It aligns with Saudi Arabia’s ambition to become a key producer and exporter of clean hydrogen, and to achieve greenhouse gases (GHGs) net-zero through the circular carbon economy approach by 2060, or before depending on technology maturity and availability, the statement added.
Saudi Arabia’s involvement in IPHE underscores its commitment to international cooperation as a cornerstone for attaining a more sustainable energy future.
The move also supports the objectives of the “Saudi Green Initiative” and “Middle East Green Initiative,” which focus on reducing carbon emissions and stimulating global demand for clean hydrogen, according to the statement.
"It also aims to contribute to the development and harmonization of regulations and standards that bolster the clean hydrogen economy,” it added.
IPHE serves as a crucial platform for fostering collaboration among member states to expedite the advancement and deployment of hydrogen and fuel cell technologies.
The partnership is dedicated to exchanging knowledge, supporting relevant research and technologies, and raising awareness about the importance of clean hydrogen in achieving sustainable development.
In this spirit, Saudi Arabia actively participates in numerous international organizations and initiatives linked to the production of clean and low-emission fuels, including the Innovation Mission Initiative, the Clean Energy Ministerial Meeting, the Zero Neutrality Forum for Producers, the Global Methane Initiative, and other related efforts.