Saudi energy minister calls for ‘stable energy sector’ during Russia visit

Prince Abdulaziz bin Salman and other top OPEC officials visit the St Petersburg International Economic Forum.Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al Saud has met his Russian counterpart in St Petersburg and called for stability in global energy markets as OPEC+ grapples with disruptions caused by the wars in Iran and Ukraine, which have sent oil prices skyrocketing.OPEC+ has been mired with unprecedented challenges, with slashed oil exports, and the United Arab Emirates, an OPEC powerhouse for almost 60 years, left the oil cartel in April.Recommended Stories list of 3 itemslist 1 of 3Could OPEC break lead to era of energy volatility?list 2 of 3The Take: Could OPEC break lead to era of energy volatility?list 3 of 3OPEC+ announces symbolic oil output rise during Strait of Hormuz closureend of listOn Thursday, the Saudi minister and other top OPEC officials visited the St Petersburg International Economic Forum, a prominent Russian economic gathering.“The situation we’re going through now does make a point here, which is the world needs every molecule of energy, and every form of stabilisation to this energy, because without energy security, you will lose sustainability,” the minister said.“There are so many moving parts, there are so many unknowns, there are things that you think have become a reality, but then you wake up the next morning, and the reality is no longer a reality.”Russian counterpart and Deputy Prime Minister Alexander Novak echoed his views.Russia’s low oil production“We came to the conclusion that no one really knows what to expect regarding demand at the moment. In other words, uncertainty has increased,” Novak said after meeting the Saudi minister.Novak added that the OPEC+ was able to offset global changes in the energy sector, nonetheless. “Estimates made just a few years ago now need to be fundamentally revised,” Novak said.