Saudi Arabia, UAE Say OPEC+ Mission Is to Stabilize Market

Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei at the World Government Summit in Dubai. (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei at the World Government Summit in Dubai. (Asharq Al-Awsat)
TT

Saudi Arabia, UAE Say OPEC+ Mission Is to Stabilize Market

Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei at the World Government Summit in Dubai. (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei at the World Government Summit in Dubai. (Asharq Al-Awsat)

Saudi Arabia and the UAE reiterated that OPEC+ has only a mission to "stabilize the market," adding that the alliance keeps politics out of its decision-making in favor of the "common good" of energy prices.

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that the focus is on balancing crude oil markets and satisfying the needs of consumers.

If the security of oil supplies is threatened, the world economy will suffer, said the minister, adding that security is a priority now, and some countries are forgetting about the affordability of energy.

Speaking at the World Government Summit in Dubai on Tuesday, Prince Abdulaziz reiterated that the Kingdom is not responsible for any shortage in oil supplies to the international markets because this issue does not receive the necessary attention.

The minister recalled his speech at the COP26 in Glasgow, during which he asserted the importance of maintaining energy security, economic prosperity and growth, and addressing climate change.

However, the attendees did not pay enough attention to that, and now all everyone is discussing energy security, noted the Saudi official.

Prince Abdulaziz said that governments should work together to ensure energy security, adding that the Gulf countries are doing their part, but others should fulfill their commitments.

Asked by the moderator about whether OPEC+ has a moral responsibility to expel Russia, Prince Abdulaziz replied, "everybody leaves his politics at the door" when they hold meetings.

"If we don't do that, we would not have dealt with so many countries at different times. It could have been with Iraq at one point. It could have been with Iran at one point."

"I ask you, who has been throwing these rockets and missiles at Abu Dhabi and us? Who is financing? Who's training?" he said.

"Who's supplying these weapons? It is a member of OPEC. I leave it for your imagination ... A cynical mind sometimes helps."

Despite the current volatility, OPEC+ is a fundamental pillar to ensure a sustainable energy market, said the minister, adding that hadn't it been for the alliance, energy prices would have been significantly changed.

The minister noted that OPEC and OPEC+ had dealt with various countries embroiled in conflict or acts of aggression throughout its history.

He explained that these matters and issues are addressed "in an entirely siloed type of approach whereby we are much more focused on the common good, regardless of the politics."

According to the minister, Saudi Arabia is interested in reducing carbon emissions by adopting a zero-emission policy, focusing on clean and renewable energy.

The OPEC+ alliance is expected to meet Thursday to decide on production levels for May.

Speaking at the same event, UAE Energy Minister Suhail al-Mazrouei said the focus was balancing crude oil markets and satisfying consumers, adding that the only mission was stabilizing the market.

"We cannot be politicizing or bringing politics to the organization having that debate ... our aim is to calm the market," sstressed Mazrouei.

"If we are asking anyone to leave, then we are raising the prices, then we are doing something that is against what consumers want."

The minister said terrorist organizations are targeting the region. These attacks must stop, he urged, stressing that energy security has become a priority.

Mazrouei called on governments to deal logically with the energy issues to ensure they won't affect the increase in global prices, noting that the geopolitical developments affect the entire supply chain and increase costs of food and essential commodities worldwide.

The minister warned that many countries would be affected if there was no peaceful solution through negotiations and understandings to current world developments.

The UAE plans to increase its oil production to five million barrels per day by 2030, announced Mazrouei, stressing that the world will need these quantities.



French Finance Minister Says Budget Can Still Be Improved

 French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
TT

French Finance Minister Says Budget Can Still Be Improved

 French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)

French Finance Minister Antoine Armand said on Saturday that the 2025 budget could still be improved, but stopped short of giving ground in a standoff with the far right over new concessions.

Ratings agency Standard & Poor's gave Prime Minister Michel Barnier's fragile minority government a rare reprieve late on Friday leaving its rating steady although France's budget deficit has spiraled out of control this year.

Any relief is likely to prove short-lived with both the left and far right threatening to bring Barnier's government down over the budget, which seeks to squeeze 60 billion euros ($64 billion) in savings through tax hikes and spending cuts.

Marine Le Pen's far right National Rally (RN), whose tacit support Barnier needs to survive a likely no confidence motion, has given him until Monday to accede to her demands to make further changes to the budget.

"This government, under his authority, is willing to listen, to have a dialog, to be respectful, to improve this budget," Armand told journalists.

Asked about the showdown with Le Pen, he said: "The only ultimatum really facing the French is that our country gets a budget."

On Thursday, Barnier already dropped plans to raise electricity taxes in the budget as the RN had demanded, but it is keeping pressure on the government to scrap plans to postpone an increase in some pensions to save money.

RN lawmaker Jean-Philippe Tanguy told Les Echos newspaper on Saturday if the bill is not modified the party would back a no-confidence motion.

The test could come as soon as Monday if his government has to use an aggressive constitutional measure to ram the social security financing legislation through parliament, which will trigger a no-confidence motion.