Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman discussed the global oil market in Riyadh, focusing on recent dynamics and the ongoing OPEC+ framework. The talks, reported by the Saudi Press Agency, highlighted a shared priority of market stability and predictable supply, even amid evolving demand conditions and geopolitical considerations that influence energy markets worldwide.
During their conversations, Novak and bin Salman reaffirmed their support for OPEC+ actions aimed at balancing supply with demand. They underscored their commitment to the alliance’s decision to reduce oil production by 2 million barrels per day, a measure that was set to take effect in November following the group’s October agreement. The discussions reflected a mutual intent to reinforce discipline within the production alliance and to monitor market developments to guard against excessive volatility that could ripple through the global economy.
An earlier statement attributed to bin Salman signaled that Saudi energy producers would consider adjusting output in response to price policies perceived as targeting Middle Eastern crude. The minister suggested that if Western policymakers attempt to set artificial price ceilings on Saudi oil, the kingdom could respond in ways that impact global supply dynamics. This stance was framed within broader concerns about how pricing signals and policy actions abroad might influence the energy market in the near term.
Both officials emphasized that future measures affecting supply could introduce volatility and potential instability in global energy availability. They noted that such shifts would require careful calibration to avoid abrupt disruptions, and they stressed Saudi Arabia’s readiness to respond if external steps were perceived as constraining market flexibility or pricing freedom for Middle Eastern crude.
On March 15, the Saudi Energy Minister Alvarez Abdulaziz bin Salman Al Saud stated that the country would refrain from supplying oil to nations that impose a ceiling on Saudi export prices. This position was presented as a response to ongoing concerns around the No Oil Producing and Exports Act and related measures that could invite antitrust scrutiny in other jurisdictions. The remarks reflected a broader posture from Riyadh regarding how export policies abroad might intersect with global trade and regulatory environments.