Saudi Energy Minister Says OPEC+ Has Done a Lot to Stabilize Global Energy Markets

Saudi Energy Minister Prince Abdulaziz bin Salman. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman. (SPA)
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Saudi Energy Minister Says OPEC+ Has Done a Lot to Stabilize Global Energy Markets

Saudi Energy Minister Prince Abdulaziz bin Salman. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman. (SPA)

Saudi Energy Minister Prince Abdulaziz bin Salman said the Organization of Petroleum Exporting Countries (OPEC) and its allies, referred to as OPEC+, have "done a lot" to stabilize global energy markets.

Speaking about energy security at the Abu Dhabi Sustainability Week Summit at Expo 2020 in Dubai, the minister added: "We believe we as OPEC Plus have done a lot in bringing about stability."

The minister made it clear that it is the prerogative of the US government whether to release supply from the strategic petroleum reserves.

Last November, the US administration released 50 million barrels of crude from the US Strategic Petroleum Reserve to help cool oil prices in cooperation with other countries such as China, India, South Korea, Japan, and Britain.

"This is a matter for the American government," the Saudi minister told reporters in Dubai in response to a question about whether the United States could pump more oil from its reserves, given the price hike.

Reuters reported that China would release crude oil from its national strategic stockpiles around the Lunar New Year holidays that start on February 1 as part of a plan coordinated by the US with other major consumers to reduce global prices.

Oil prices rose on Monday, with Brent crude futures at their highest in more than three years, as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the Omicron coronavirus variant.

Brent crude futures gained 42 cents, or 0.5 percent, to $86.48 a barrel. The contract touched its highest since October 2018, $86.71 earlier in the session.

US West, Texas Intermediate crude, was up 62 cents, or 0.7 percent, at $84.44 a barrel, after hitting $84.78, the highest since November 10, 2021, earlier in the session.

The gains followed a rally last week when Brent rose 5.4 percent, and WTI climbed 6.3 percent.

Traders said that frantic oil buying, driven by supply outages and signs the Omicron variant won't be as disruptive as feared for fuel demand, has pushed some crude grades to multi-year highs, suggesting the rally in Brent futures could be sustained a while longer.

OPEC+ are gradually relaxing output cuts implemented when demand collapsed in 2020.

However, many small producers cannot increase supplies, and others are concerned about pumping too much oil in case of renewed COVID-19 setbacks.

On Friday, US officials voiced fears that Russia was preparing to attack Ukraine if diplomacy failed. Russia, which is massing about 100,000 troops on the border with Ukraine, released pictures of its forces' movement.

Two US officials and two energy sources told Reuters on Friday that the US government held talks with several international energy companies about contingency plans to supply natural gas to Europe if the conflict between Russia and Ukraine disrupted Russian supplies.

US crude oil stockpiles fell more than expected to their lowest levels since October 2018, but gasoline inventories surged with weak demand, according to the US Energy Information Administration data.



Saudi Arabia, US Commit to Deeper Economic Ties with Energy, Industry Deals as Trump Visits Riyadh

Crown Prince Mohammed bin Salman, Crown Prince and Prime Minister, and US President Donald Trump speak during a meeting at the Royal Palace in Riyadh, Saudi Arabia, Tuesday, May 13, 2025. (AP)
Crown Prince Mohammed bin Salman, Crown Prince and Prime Minister, and US President Donald Trump speak during a meeting at the Royal Palace in Riyadh, Saudi Arabia, Tuesday, May 13, 2025. (AP)
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Saudi Arabia, US Commit to Deeper Economic Ties with Energy, Industry Deals as Trump Visits Riyadh

Crown Prince Mohammed bin Salman, Crown Prince and Prime Minister, and US President Donald Trump speak during a meeting at the Royal Palace in Riyadh, Saudi Arabia, Tuesday, May 13, 2025. (AP)
Crown Prince Mohammed bin Salman, Crown Prince and Prime Minister, and US President Donald Trump speak during a meeting at the Royal Palace in Riyadh, Saudi Arabia, Tuesday, May 13, 2025. (AP)

Saudi Arabia and the United States signed on Tuesday energy and industry agreements as President Donald Trump visited Riyadh where he was welcomed by Crown Prince Mohammed bin Salman, Crown Prince and Prime Minister.

“The United States and Saudi Arabia share a commitment to deeper economic integration, underscoring the Kingdom’s pledge of expanding cooperation in critical sectors such as health, energy, and science,” said White House in announcing the agreements.

The US Department of Energy and Saudi Ministry of Energy concluded an agreement for cooperation in the field of energy exchanged by Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and US Secretary of Energy Chris Wright.

“This agreement builds upon their strong existing relationship; it will focus collaboration on examining the potential for innovation, development, financing, and deployment of energy infrastructure,” said the statement.

The Saudi Ministry of Industry and Mineral Resources and US Department of Energy signed a Memorandum of Cooperation to collaborate on mining and mineral resources. “The agreement contributes to economic development and the diversification and resilience of critical mineral supply chains,” added the statement.

NASA and the Saudi Space Agency signed an agreement for a CubeSat to fly on NASA’s Artemis II test flight. Saudi Arabia’s CubeSat will measure aspects of space weather at a range of distances from Earth and deploy in high Earth orbit from a spacecraft adapter on the Space Launch System rocket after the Orion spacecraft is safely flying on its own with its crew of four astronauts.

The US and Saudi Arabia recently agreed to modernize the Air Transport Agreement to allow US airlines to carry cargo between Saudi Arabia and third countries without needing to stop in the United States, an important right for cargo hub operations. Saudi carriers will have the same rights to serve the United States.

Trump had arrived in the Kingdom earlier on Tuesday on his first overseas trip since his reelection. He will next visit the United Arab Emirates and Qatar.

Saudi Arabia and the United States also signed the largest defense sales agreement in history, worth nearly early $142 billion.