Saudi Arabia and Russia have agreed to oil and energy cooperation, tackling Middle East conflicts and resolving negotiations over Iran’s nuclear program at a meeting between the two nations’ foreign ministers on Friday.
The two countries stressed the need to settle the Syrian crisis based on the Geneva 1 agreement focusing on preserving the territorial integrity of that country, said a joint communiqué issued after the meeting between Prince Saud Al-Faisal and Sergei Lavrov in Moscow.
The two ministers also discussed regional and international issues including the conflicts in Iraq, Libya, Yemen and Palestine, and international and regional efforts to stamp out terrorism.
The two leaders stressed bilateral cooperation under the Joint Economic Committee to boost mutual growth. The countries are two of the world’s largest energy producers.
Speaking after his talks with Prince Saud, Lavrov said there should be no move to cut global oil production.
He said both Russia and Saudi Arabia did not want oil production targets to be affected by “political or geopolitical designs.”
He said Russia and Saudi Arabia believe that prices should be determined by market demand.
Russia’s energy minister, Alexander Novak, said a production cut would be difficult. “Our budget is very dependent on oil revenues. And we don’t have the technology, like Saudi Arabia, to quickly reduce or increase our production,” he told Russian news agencies.
“But this question is under discussion, we are working within the government to understand whether such methods are feasible.”
Lavrov’s meeting with the Saudi minister came ahead of an Organization of the Petroleum Exporting Countries (OPEC) conference on Nov. 27, when members of the 12-nation body will discuss global production levels.
Meanwhile, Lavrov said that “all the elements” were in place to reach an agreement on Iran’s nuclear program. He called for a compromise at the Vienna talks.
Oil price fall, Syrian crisis focus of Saudi-Russia talks
Oil price fall, Syrian crisis focus of Saudi-Russia talks
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
