Saudi Arabia’s energy minister met senior Russian officials in St Petersburg on Thursday, warning that global markets require greater stability as conflicts in the Middle East and Eastern Europe continue to disrupt oil supplies and drive price volatility.
Speaking during the St Petersburg International Economic Forum, Prince Abdulaziz bin Salman said the world needed “every molecule of energy” to maintain security and sustainability amid mounting geopolitical uncertainty.
His remarks came as OPEC+ producers face growing pressure from supply disruptions linked to the conflict involving Iran, as well as the continuing war in Ukraine. The situation has complicated production strategies for the alliance, which includes members of the Organization of the Petroleum Exporting Countries and key allies led by Russia.
The Saudi minister said rapid changes in global conditions had made energy planning increasingly difficult, adding that markets were being shaped by events that can shift unexpectedly overnight.
Russian Deputy Prime Minister Alexander Novak, who met the Saudi minister on the sidelines of the forum, said uncertainty surrounding global oil demand had intensified in recent months. He added that producers within the alliance remained capable of responding to changes in the energy sector despite the turbulent outlook.
Novak also acknowledged that Russian oil production had declined since the beginning of the year, attributing the fall to unplanned refinery maintenance. His comments marked one of the first direct confirmations from a Russian official regarding lower national output levels.
The disruption to Gulf oil exports following the closure of the Strait of Hormuz has added to concerns across global markets, with analysts describing the situation as one of the most serious supply shocks in recent years.
Despite the uncertainty, OPEC Secretary-General Haitham Al Ghais said the group still expected strong global demand growth and maintained its current forecasts. He stressed the importance of continued investment to ensure future energy supplies remain stable.
Delegates attending the forum said OPEC+ members are still expected to approve another increase in production targets for July during their upcoming meeting, although ongoing supply disruptions have reduced the practical impact of such moves.
