OPEC + will keep political differences out of the realm of oil production decisions, to the benefit of the “common good” for stabilizing energy prices, Saudi Arabia’s energy minister said on Tuesday.
As governments and international organizations condemn or exclude Russia – an oil-producing country and a partner in the OPEC + bloc – over its invasion of Ukraine, OPEC, led mainly by Saudi Arabia and the United Arab Emirates, has follow the path of sanctions.
Speaking to CNBC, Saudi Foreign Minister Abdulaziz bin Salman bin Abdulaziz Al Saud said the agency’s very existence is based on the separation of the oil price stabilization mission and other geopolitical factors. .
Saudi Arabia and the UAE voted against the Russian invasion of the UN General Assembly earlier in March, calling on Moscow to withdraw from Ukrainian territory, with Prince Abdulaziz noting that the kingdom has other international forums in which it can his position on Russia’s actions.
“When it comes to OPEC + – and I have the privilege to say that I have been in its process for 35 years, I know how we have managed to segregate political differences from the common good for all of us in the field of oil prices,” he said. the prince, from Dubai, where he is for an international conference.
“This culture is embedded in OPEC +, so every time we enter an OPEC conference room, everyone leaves politics out the door – and this culture follows us.”
Source: Capital
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