Saudi Gazette report

RIYADH — Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said the agreement reached at Sunday’s OPEC+ meetings marks “a turning point and one of the most successful days of my professional career,” following the coalition’s approval of a new transparent mechanism for determining production levels.

Speaking at the opening of the Saudi–Russian Investment and Business Forum 2025, organized by the Ministries of Energy and Investment, Prince Abdulaziz — who co-chairs the Saudi–Russian Joint Committee — addressed attendees alongside Russia’s Deputy Prime Minister Alexander Novak and Saudi Foreign Minister Prince Faisal bin Farhan.

Prince Abdulaziz stressed that the new agreement “will reward those who invest and believe in demand growth, placing us in a leading position among producers.”

He added: “We will be there when the world realizes that its previous rhetoric on energy will fade before the reality of consumption,” noting that those calling for phasing out hydrocarbons “are now consuming every molecule of it and seeking more.”

On Sunday, OPEC+ members approved using the Maximum Sustainable Production Capacity review mechanism as the reference for 2027 output levels across all participating states.

The coalition reaffirmed its commitment to market stability, maintaining approved production levels through the end of 2026.

The “core group” of eight OPEC+ countries also extended the suspension of output increases until March 2026, following a cautious approach to ensure market balance.

On the sidelines of the forum, Prince Abdulaziz announced that Saudi Arabia and Russia would sign a cooperation agreement on environmental and climate issues on Monday.

He also said the two countries would sign a reciprocal visa-waiver agreement allowing travel without visas, reflecting deepening ties between Riyadh and Moscow.

Prince Abdulaziz and Novak toured the exhibition held alongside the Saudi–Russian Investment and Business Forum 2025.