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Saudi Energy Min Meets w/Russian Dep PM To Discuss OPEC+ Cooperation

MIDEAST

Saudi Arabia's Energy Ministry twitter feed has confirmed that the country's Energy Minister Abdulaziz bin Salman Al Saud is meeting with Russian Deputy PM Alexander Novak to discuss cooperation between the two countries.

  • The meeting comes days ahead of the August OPEC+ ministerial meeting in Vienna (taking place 3 Aug), where observers expect to see either oil production remain unchanged in September or a modest output increase implemented.
  • Saudi Arabia has experienced a diplomatic boon in recent weeks among western nations, with the energy and fuel price crunch hitting Europe and North America resulting in US President Joe Biden visiting Jeddah for talks with Crown Prince Mohammed bin Salman. Following this, MBS visited Greece and France in his first trip to any EU member state since the killing of journalist Jamal Khashoggi at the Saudi consulate in Turkey in 2018.
  • Saudi gov't treading a fine line in both working closely with Russia on OPEC+ policy but also seeking to repair relations with the West. For Riyadh, though, the vulnerable position of western nations in terms of securing affordable energy and fuel supplies makes any significant turn in policy from the US and EU away from Saudi Arabia and its allies unlikely.
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Saudi Arabia's Energy Ministry twitter feed has confirmed that the country's Energy Minister Abdulaziz bin Salman Al Saud is meeting with Russian Deputy PM Alexander Novak to discuss cooperation between the two countries.

  • The meeting comes days ahead of the August OPEC+ ministerial meeting in Vienna (taking place 3 Aug), where observers expect to see either oil production remain unchanged in September or a modest output increase implemented.
  • Saudi Arabia has experienced a diplomatic boon in recent weeks among western nations, with the energy and fuel price crunch hitting Europe and North America resulting in US President Joe Biden visiting Jeddah for talks with Crown Prince Mohammed bin Salman. Following this, MBS visited Greece and France in his first trip to any EU member state since the killing of journalist Jamal Khashoggi at the Saudi consulate in Turkey in 2018.
  • Saudi gov't treading a fine line in both working closely with Russia on OPEC+ policy but also seeking to repair relations with the West. For Riyadh, though, the vulnerable position of western nations in terms of securing affordable energy and fuel supplies makes any significant turn in policy from the US and EU away from Saudi Arabia and its allies unlikely.