Saudi Energy Minister Prince Abdulaziz bin Salman said the agreement reached during Sunday’s OPEC+ meetings marks “a turning point and one of the most successful days of my career,” following the adoption of a transparent mechanism for setting production levels.

The minister, who also co-chairs the Saudi-Russian Joint Committee, made the remarks at the opening of the Saudi-Russian Business Forum 2025, organized by the Ministries of Energy and Investment.

The event was attended by Russia’s Deputy Prime Minister and committee co-chair Alexander Novak, as well as Saudi Foreign Minister Prince Faisal bin Farhan.

The Saudi minister noted that the agreement “will reward those who invest and those who believe in demand growth, placing us in a leading position among producers.”

“We will be there when the world realizes that its earlier narratives about energy will give way to consumption realities,” pointing out that those calling for abandoning hydrocarbons “are currently using every molecule of it, and asking for more.”

OPEC said the OPEC+ group had approved a mechanism to assess members’ maximum production capacity to be used for setting output baselines from 2027, against which their output targets are set.

Prince Abdulaziz said the mechanism to be adopted is the ‘most important and most transparent’ decision for determining production levels.

The evaluation of members’ maximum production capacity is scheduled to take place between January and September 2026, according to sources following the meetings, allowing for 2027 output quotas to be set.

Bilateral Relations

Prince Abdulaziz revealed that on Monday Saudi Arabia and Russia will sign a cooperation agreement on environmental and climate-change issues. He also announced a second agreement that will allow visa-free travel between the two countries, a step that underscores the deepening partnership between Riyadh and Moscow.

The 9th session of the Joint Intergovernmental Saudi-Russian Commission on Trade, Economic, Scientific and Technical Cooperation convened in Riyadh on Monday, chaired by Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Russian Deputy Prime Minister Alexander Novak.

The commission reviewed various agenda items aimed at strengthening and expanding cooperation between the two countries across key sectors, including energy, trade, economy, investment, space, industry and minerals, health, education, media, culture, sports, tourism, transportation, housing, and agriculture, among others.

Both sides expressed their appreciation for the continued advancement of cooperation in all areas of mutual interest and welcomed the shared commitment to deepening the strategic partnership to support economic growth in both countries.

Source: english.aawsat.com