By Nabimara Benson
Energy experts and global oil market observers emphasize the central role Saudi Arabia plays in maintaining the stability of oil prices and ensuring supply lines to global markets. Saudi Arabia is seen as the linchpin, with its voice being heard in international forums, be it within OPEC or OPEC+, reflecting Riyadh’s commitment to oil market stability.
In pursuit of this stability, Saudi Energy Minister Prince Abdulaziz bin Salman has conducted a series of meetings with various regional and international figures to discuss developments in the energy sector, particularly in the oil domain. Amidst these discussions, Riyadh has underscored the necessity of maintaining the stability and balance of the global oil market, which significantly impacts global economic stability, especially in light of regional and international military developments.
In this context, a trilateral meeting via a closed-circuit connection was held between Prince Abdulaziz bin Salman, Iraqi Prime Minister Mohammed Shia’ Al Sudani, and Russian Deputy Prime Minister Alexander Novak. The attendees emphasized the importance of maintaining stable oil markets, balance, and fair prices. They also discussed global energy market conditions, focusing on crude oil production, its flow to markets, and meeting demand. The vital role of OPEC+ was affirmed in this scenario.
Furthermore, during international engagements, Prince Abdulaziz bin Salman met with Alexander Novak, who was on an official visit to Kazakhstan, along with Kazakhstan’s Energy Minister Almassadam Satkaliyev. Here, they reiterated the importance of maintaining global petroleum market stability and balance, highlighting the significant role of OPEC+. They stressed the need for cooperation among OPEC+ countries and full commitment to the agreement, including voluntary production cuts agreed upon by the eight participating countries, as well as compensating for any production increases.
Kazakhstan’s Energy Minister confirmed Kazakhstan’s complete adherence to the agreement and the voluntary production cuts, aligning with the updated schedule presented to OPEC’s Secretariat.
In related news, two sources from OPEC+ mentioned that the group, comprising OPEC countries led by Saudi Arabia and non-OPEC allies like Russia, will hold their next meeting on oil production policy online on December 1, 2024. The meeting aims to consider postponing planned production increases due to weak global demand.
Thus, we can conclude that Saudi Arabia, through its leadership and under Vision 2030 launched by Prince Mohammed bin Salman, is a key player in setting the global pace for oil market stability and balance in terms of production, thereby controlling prices. It stands as a pillar of global economic stability, leveraging its status and capability to achieve worldwide equilibrium.