Saudi Arabia’s energy minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud said in the interview with CNBC that OPEC+ will keep politics out of its decision-making in favor of the common good of stabilizing energy prices amid sanctions by Great Nations on Russian energy, world’s leading producers, over its invasion of Ukraine.
Over a month has passed since the invasion of Ukraine and OPEC and its allies have yet to follow western countries in imposing sanctions on Russia. Still, the energy minister noted that Saudi Arabia and the UAE also urged Russia to abandon its operation in Ukraine as well. As for the callout, he said that there are other forums for the Kingdom that could voice its opinion on this matter, which is in line with the global response.
On Monday, the energy and infrastructure minister of the United Arab Emirates (UAE) told CNBC that RUssia will always be a part of OPEC+ despite all the sanctions from governments across the globe on Kremlin oil exports over its invasion of Ukraine.
He said that no other country could match the output of Russia’s energy and argued politics should not distract from the group’s efforts to manage energy markets.
The minister also added that he does not think of any country that can replace Russia in production in a year or even 10 years. It is a discussion of 10 million barrels per day.
In the interview with CNBC, the minister also said that the group, including Saudi Arabia, Russia and the others, are in agreement with their target or their objective of trying to calm the market and balance the market.