Saudi Gazette report

RIYADH — Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak held a meeting in Riyadh to discuss recent developments in the global oil market and ongoing cooperation between the two countries within the OPEC+ alliance.

As co-chairs of the Saudi-Russian Joint Governmental Committee on Trade, Economic, Scientific, and Technical Cooperation, the two officials also reviewed progress since the committee’s eighth session, including the launch of direct flights between Saudi Arabia and Russia and the signing of multiple memorandums of understanding in fields such as industry, education, media, and Hajj and Umrah.

The meeting also covered ways to boost bilateral trade and expand economic collaboration.

Both sides discussed the upcoming ninth session of the joint committee, scheduled to be held in Riyadh on November 6, 2025.

According to a statement from the Saudi Ministry of Energy, the ministers reaffirmed the importance of coordination on oil production policy under OPEC+.

Russian news agency Interfax reported that Novak and Prince Abdulaziz discussed oil market trends and the outlook for deeper cooperation between the two energy producers.

Their meeting followed Monday’s virtual session of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), which called for full compliance with output agreements.

A separate meeting among eight OPEC+ members is expected this Sunday to decide on a potential oil production increase for September.

Goldman Sachs has forecasted that OPEC+ will announce a final production hike of around 550,000 barrels per day for September.