Saudi energy minister says OPEC will take politics out of oil decisions

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud speaks during the United Nations Climate Change Conference (COP26), in Glasgow, Scotland, Britain, November 10, 2021.

Eve Hermann | Reuters

The Saudi energy minister said that OPEC+ would keep politics out of the decision-making process in the interest of the “public interest” of stable energy prices.

As governments and international bodies around the world shun Russia – a major oil exporter and partner in an intergovernmental organization of 13 major exporters – due to its invasion of Ukraine, OPEC and its allied oil-producing countries have so far refused to follow suit.

Speaking to CNBC on Tuesday, Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud said the organization’s very existence depends on separating its mission to stabilize oil prices from other geopolitical factors, even in the event of a widely condemned invasion.

Saudi Arabia and the United Arab Emirates voted in favor of a United Nations General Assembly resolution earlier this month urging Russia to abandon the invasion and withdraw all forces, and Prince Abdulaziz said there are other forums in which the kingdom can express its opinion on Russia’s actions, which is in line with With a global response.

“When it comes to OPEC+ – I’m going to take advantage of that privilege by saying I’ve been in it for 35 years, and I know how we’ve been able to separate our political differences from what is for the greater good of all of us,” Prince Abdulaziz said in an interview with Hadley Gamble on CNN. C at the World Government Summit in Dubai on Tuesday.

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“This culture seeped into OPEC+, so when we enter the OPEC meeting room, or the OPEC building, everyone leaves their politics at the outside door of that building, and that culture was with us.”

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