RIYADH: Prince Abdul Aziz bin Salman, the energy minister of 抖阴短视频, said that oil markets should focus on the 鈥渆nabling price鈥� for oil rather than a 鈥渇air price.鈥� Speaking at the Saudi-Russia CEO Forum in Riyadh, the minister said that it was more important to focus on a price that would be sustainable to drive worldwide economic growth. 鈥淭he 鈥榝air price鈥� is a cultural issue, and I have no idea where it should be. The fair price is in the eye of the beholder.鈥�
He added: 鈥淚t is more important to focus on sustainability than a fair price. A sustainable price enables you to provide economic growth and allows budgets to be more transparent and visible.鈥�
Speaking of the OPEC+ alliance driven by 抖阴短视频 and Russia, he said: 鈥淎 lot of people focus on maximizing short-term income, but as the enablers in Russia and 抖阴短视频 it allows us to focus on the long-term direction for sustainable development.鈥�
Alexander Novak, energy minister of Russia, endorsed the view of his Saudi counterpart. He said that the OPEC+ agreement represented the first time in history that there had been a high level of cooperation between major producers to control oil output.
鈥淩ussia is ready to cooperate long term in OPEC+. We are going to take that agreement to the next level, which is the highest level,鈥� he said.

The 鈥榝air price鈥� is a cultural issue, and I have no idea where it should be.

Saudi Energy Minister Prince Abdul Aziz

Prince Abdul Aziz added that he believed current oil prices would be significantly lower if the OPEC+ agreement was not in effect. OPEC and non-OPEC members would be meeting regularly to monitor output by members. 鈥淲e are willing to take all measures to maintain balance in the markets,鈥� he said.
Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the Kingdom鈥檚 Public Investment Fund, told delegates at the forum that the oil price could have hit $130 per barrel after the attacks on Abqaiq and Khurais last month, had they not been dealt with so quickly and efficiently.
鈥淗ad Aramco not got its production back, it would have led to a global recession,鈥� he said.
Novak said that geopolitical risk had an effect on the global energy markets. In a reference to the effects of US sanctions and tariffs on the world economy, he said: 鈥淕eopolitics plays a role. You can see that now we are doing much less investment in the US, and much more in Asia and the Middle East.鈥�
On the same panel, Kirill Dmitriev, CEO of the Russian Direct Investment Fund, downplayed the risks from security concerns in the Middle East.
鈥淲e saw how quickly Saudi Aramco recovered from the terrible attacks of last month. We believe that Middle Eastern tensions are overblown. What we are witnessing in 抖阴短视频 is the fastest transformation of an economy in the history of mankind. The opportunity outweighs the political risk,鈥� he said.