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.

 

 

 



Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
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Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)

Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), announced that spending by the sovereign fund’s programs, initiatives, and companies on local content reached 591 billion riyals ($157 billion) between 2020 and 2024.

He added that the fund’s private sector platform has created more than 190 investment opportunities worth over 40 billion riyals ($10 billion).

Speaking at the opening of the PIF Private Sector Forum on Monday in Riyadh, Al-Rumayyan said the fund is working closely with the private sector to deepen the impact of previous achievements and build an integrated economic system that drives sustainable growth through a comprehensive investment cycle methodology.

He described the forum as the largest platform of its kind for seizing partnership and collaboration opportunities with the private sector, highlighting the fund’s success in turning discussions into tangible projects.

Since 2023, the forum has attracted 25,000 participants from both public and private sectors and has witnessed the signing of over 140 agreements worth more than 15 billion riyals, he pointed out.

Al-Rumayyan emphasized that the meeting comes at a pivotal stage of the Kingdom’s economy, where competitiveness will reach higher levels, sectors and value chains will mature, and ambitions will be raised.

PIF Private Sector Forum aims to support the fund’s strategic initiative to engage the private sector, showcase commercial opportunities across PIF and its portfolio companies, highlight potential prospects for investors and suppliers, and enhance cooperation to strengthen the local economy.


Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
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Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)

Pakistani Finance Minister Muhammad Aurangzeb discussed the future of his country, which has frequently experienced a boom-and-bust cycle, saying Pakistan has relied on International Monetary Fund (IMF) programs due to the absence of structural reforms.

In an interview with Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb acknowledged that Pakistan has relied on IMF programs 24 times not as a coincidence, but rather as a result of the absence of structural reforms and follow-up.

He stressed the government has decided to "double its efforts" to stay on the reform path, no matter the challenges, affirming that Islamabad not only has a reform roadmap, but also draws inspiration from "Saudi Vision 2030" as a unique model of discipline and turning plans into reality.

Revolution of Numbers

Aurangzeb reviewed the dramatic transformation in macroeconomic indicators. After foreign exchange reserves covered only two weeks of imports, current policies have succeeded in raising them to two and a half months.

He also pointed out to the government's success in curbing inflation, which has fallen from a peak of 38 percent to 10.5 percent, while reducing the fiscal deficit to 5 percent after being around 8 percent.

Aurangzeb commented on the "financial stability" principle put forward by his Saudi counterpart, Mohammed Aljadaan, considering it the cornerstone that enabled Pakistan to regain its lost fiscal space.

He explained that the success in achieving primary surpluses and reducing the deficit was not merely academic figures, but rather transformed into solid "financial buffers" that saved the country.

The minister cited the vast difference in dealing with disasters. While Islamabad had to launch an urgent international appeal for assistance during the 2022 floods, the "fiscal space" and buffers it recently built enabled it to deal with wider climate disasters by relying on its own resources, without having to search "haphazardly" for urgent external aid, proving that macroeconomic stability is the first shield to protect economic sovereignty.

Privatization and Breaking the Stalemate of State-Owned Enterprises

Aurangzeb affirmed that the Pakistani Prime Minister adopts a clear vision that "the private sector is what leads the state."

He revealed the handover of 24 government institutions to the privatization committee, noting that the successful privatization of Pakistan International Airlines in December provided a "momentum" for the privatization of other firms.

Aurangzeb also revealed radical reforms in the tax system to raise it from 10 percent to 12 percent of GDP, with the adoption of a customs tariff system that reduces local protection to make Pakistani industry more competitive globally, in parallel with reducing the size of the federal government.

Partnership with Riyadh

As for the relationship with Saudi Arabia, Aurangzeb outlined the features of a historic transformation, stressing that Pakistan wants to move from "aid and loans" to "trade and investment."

He expressed his great admiration for "Vision 2030," not only as an ambition, but as a model that achieved its targets ahead of schedule.

He revealed a formal Pakistani request to benefit from Saudi "technical knowledge and administrative expertise" in implementing economic transformations, stressing that his country's need for this executive discipline and the Kingdom's ability to manage major transformations is no less important than the need for direct financing, to ensure the building of a resilient economy led by exports, not debts.


Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
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Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)

Oil prices fell 1% on Monday as immediate fears of a conflict in the Middle East eased after the US and Iran pledged to continue talks about Tehran's nuclear program over the weekend, calming investors anxious about supply disruptions.

Brent crude futures fell 67 cents, or 1%, to $67.38 a barrel on Monday by 0444 GMT, while US West Texas Intermediate crude was at $62.94 a barrel, down 61 cents, or 1%.

"With more talks on the horizon the immediate ‌fear of supply disruptions ‌in the Middle East has eased ‌quite ⁠a bit," IG ‌market analyst Tony Sycamore said.

Iran and the US pledged to continue the indirect nuclear talks following what both sides described as positive discussions on Friday in Oman despite differences. That allayed fears that failure to reach a deal might nudge the Middle East closer to war, as the US has positioned more military forces in the area.

Investors are also worried about possible disruptions to supply ⁠from Iran and other regional producers as exports equal to about a fifth of the world's ‌total oil consumption pass through the Strait of ‍Hormuz between Oman and Iran.

Both ‍benchmarks fell more than 2% last week on the easing tensions, their ‍first decline in seven weeks.

However, Iran's foreign minister said on Saturday Tehran will strike US bases in the Middle East if it is attacked by US forces, showing the threat of conflict is still alive.

"Volatility remains elevated as conflicting rhetoric persists. Any negative headlines could quickly reignite risk premiums in oil prices this week," said Priyanka Sachdeva, senior market analyst at ⁠Phillip Nova.

Investors are also continuing to grapple with efforts to curb Russian income from its oil exports for its war in Ukraine. The European Commission on Friday proposed a sweeping ban on any services that support Russia's seaborne crude oil exports.

Refiners in India, once the biggest buyer of Russia's seaborne crude, are avoiding purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, which could help New Delhi seal a trade pact with Washington.

"Oil markets will remain sensitive to how broadly this pivot away from Russian crude unfolds, whether ‌India’s reduced purchases persist beyond April, and how quickly alternative flows can be brought online," Sachdeva said.