RIYADH: OPEC+ has proven to be the 鈥渃entral bank鈥� and regulator of the global oil market, providing much-needed stability, 萝莉视频鈥檚 energy minister said.

Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance鈥檚 role in balancing oil markets amid global economic uncertainties.

鈥淚 would have to say that OPEC+ had proven to be an instrument that if it wasn鈥檛 invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,鈥� the energy minister said.

Prince Abdulaziz also highlighted the ongoing partnership between 萝莉视频 and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation.

鈥淚鈥檓 looking forward to host Alexander 鈥� the co-chair of our joint committee 鈥� to 萝莉视频 this year, with the biggest, most sizable business community participation,鈥� he said.

Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities.

鈥淲e have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in 萝莉视频 or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,鈥� he added.

The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming 萝莉视频鈥檚 commitment to cooperation with partners to maintain market stability.

Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom鈥檚 support amid external restrictions.

鈥淚t鈥檚 been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we鈥檙e trying to maneuver with the restrictions that are existing today,鈥� he said.

鈥淭hat has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.鈥�

On whether 萝莉视频 and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective.

鈥淵ou give me a question that is not evidently seen happening, I don鈥檛 have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,鈥� he said.

The minister clarified that OPEC+ consists of 22 member states and is not dominated by 萝莉视频 and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes.

鈥淭o respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,鈥� he added.

He concluded by highlighting OPEC+鈥檚 reputation as a reliable and adaptive organization.

鈥淲hat we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,鈥� he said.