Saudi Energy Minister Addresses Markets at St. Petersburg Forum, Signs Deals with Russia

Saudi Energy Minister Prince Abdulaziz bin Salman broke a prolonged strategic silence at the 2026 St. Petersburg International Economic Forum, delivering carefully calibrated messages to the energy sector. Speaking on Thursday, he stressed the urgent global need for stability in energy markets and confidently declared Saudi Arabia's enduring role as a flexible energy supplier.

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the world urgently needs stability in energy markets and declaring with confidence that the Kingdom is a flexible energy supplier, was, and will remain so under all circumstances.

Participating as the "main guest of honor" at the forum, which marks the centenary of diplomatic relations between Saudi Arabia and Russia, Prince Abdulaziz acknowledged that current geopolitical events in the Middle East were distracting attention from Saudi Arabia’s strategic priorities, particularly the goals of Vision 2030. He described this situation as a source of considerable frustration.

Despite these challenges, the minister sent a strong message of reassurance to global markets. He asserted that it was the duty of the Kingdom and its citizens to defy the difficult environment and continue pursuing their ambitions, highlighting Saudi Arabia's capability and confidence to address challenges and demonstrate economic and operational resilience. He pointed to the success of the Kingdom's infrastructure and logistics system in transforming challenges into opportunities, exemplified by the unprecedented success of managing the Hajj season amidst regional turmoil.

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the current geopolitical events in the Middle East were distracting attention and obstructing focus on Saudi Arabia’s strategic priorities, foremost among them the goals of Vision 2030.

Furthermore, Prince Abdulaziz announced the signing of 30 new cooperation agreements between the private sectors of Saudi Arabia and Russia, covering fields such as industry, education, tourism, and energy. He stated that there were no limits or restrictions on joint cooperation, indicating a strategic shift in Riyadh and Moscow beyond merely being "producers of oil or gas" to "manufacturing and supplying energy in its comprehensive sense," including hydrocarbons and the export of electrons.

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it was their duty, and that of every Saudi citizen, to defy this difficult environment and continue to pursue their ambitions.

Explaining his earlier period of silence, which had kept oil traders on edge, Prince Abdulaziz said he deliberately remained quiet during a severe global energy crisis. He explained that a minister must maintain composure and avoid panic, as panic leads to a loss of control over the narrative. He intended to continue this approach, viewing silence amid unknowns as a message and a humble acknowledgment of rapidly changing realities, demonstrating respect for oneself and others.

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the Kingdom has the capability and confidence to address challenges and demonstrate its economic and operational resilience.