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

Key points

• 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.
• On 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...