MOSCOW: The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries are committed to bringing global oil inventories down to the industry’s five-year average, Saudi Energy Minister Khalid Al-Falih said on Wednesday, adding he saw the target being reached in the very near future.
Speaking in Moscow after a meeting between OPEC and Russia, Al-Falih and his Russian counterpart Alexander Novak also said they saw their cooperation in oil markets lasting after the current joint oil output agreement expires in March next year.
“Our joint declaration with Russia concluded that while the rebalancing goal is on its way to being achieved, more (is) needed to be done to draw inventories toward the five-year average,” Al-Falih said.
The Saudi energy minister reiterated his country’s position to do “whatever it takes” along with Russia to help stabilize the oil market, signaling an open-ended policy to reduce the inventory overhang and balance the market.
“It is necessary to work out new framework principles for continued steady cooperation between OPEC and non-OPEC even after the expiration of the Vienna agreements,” Novak said on Wednesday.
Last December, Russia and 10 other non-OPEC nations agreed to join OPEC’s output cuts for the first time in 15 years. Last week, OPEC and non-members led by Moscow agreed to extend cuts in output by a further nine months to March 2018.
Oil prices dropped more than 4 percent after the decision as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018.
Both Moscow and Riyadh said cooperation would continue beyond the current agreement as both countries were still trying to find ways to coexist with US shale oil producers, which are not part of the global output reduction deal.
“I attended a meeting of the Saudi and Russian leadership at the Kremlin during which both our nations renewed their determination to rebalance the global crude oil market in the interest of greater market stability and restated our commitment to doing whatever it takes to attain those goals,” Al-Falih said.
OPEC Secretary-General Mohammad Barkindo also said that the current cooperation between oil producers — OPEC and non-OPEC — would outlive the present oil output cut deal.
“We believe this cooperation is in the best interests of both consumers and producers,” Barkindo said. “We do not expect a divorce in this marriage,” he added.
Saudi energy minister upbeat about rebalancing oil market
Saudi energy minister upbeat about rebalancing oil market
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
