ST. PETERSBURG — Saudi Minister of Energy Prince Abdulaziz bin Salman underscored the world’s pressing need for stability in the energy sector, affirming Saudi Arabia’s enduring role as a dependable energy supplier. “We are a resilient energy supplier; we have been and will remain so under all circumstances,” he said while addressing the 29th St. Petersburg International Economic Forum (SPIEF) 2026.
Saudi Arabia is the guest of honor at the four-day forum, which commenced on Wednesday. Prince Abdulaziz bin Salman is leading a high-level delegation that includes senior government officials and representatives from major national institutions and companies, among them Minister of Industry and Mineral Resources Bandar Alkhorayef. The Kingdom’s prominent participation coincides with the centenary of diplomatic relations between Saudi Arabia and Russia.
Speaking during a special session of the forum, Prince Abdulaziz bin Salman acknowledged that ongoing geopolitical developments in the Middle East have diverted attention and complicated efforts to maintain focus on the Kingdom’s strategic priorities, particularly the objectives of Vision 2030. He described these circumstances as a source of considerable frustration. Nevertheless, he delivered a strong message of reassurance to global markets, stating: “We owe it to ourselves and to every Saudi citizen to defy this challenging environment and remain committed to our ambitions.”
The minister emphasized that the Kingdom possesses both the capability and confidence to overcome challenges and demonstrate its economic and operational resilience to the world. As evidence, he pointed to the effectiveness of Saudi Arabia’s infrastructure and logistics systems, which have enabled the Kingdom to transform challenges into opportunities and manage the Hajj season with remarkable success despite the regional turbulence surrounding it.
Regarding the partnership with Moscow, Prince Abdulaziz announced the signing of 30 new cooperation agreements between the private sectors of both countries across a range of fields, including industry, education, tourism, and energy. “We will sign agreements in various sectors, and there are no limits or restrictions on this joint cooperation. The strategic mindset in Riyadh and Moscow has shifted from simply being ‘oil or gas producers’ to ‘energy manufacturing and supply in its comprehensive sense,’ encompassing hydrocarbons and the export of electronics,” he said.
Elaborating on his previous position, which had kept oil market traders in suspense, Prince Abdulaziz revealed that his silence during the recent period of the most severe global energy crisis had been deliberate. “A minister is required to remain calm and avoid panic, because panic makes you lose control of the narrative. I intend to maintain my silence because silence amidst so much uncertainty is a message and a humble acknowledgment that reality is rapidly changing. It is a form of self-respect and respect for others,” he added.
The forum, under the theme “Pragmatic dialogue: The path to a stable future” is being held at the ExpoForum Exhibition and Convention Center, with the participation of 130 countries. The forum, organized by the Roscongress Foundation, under the auspices of Russian President Vladimir Putin, is the nation’s premier business event and a geopolitical and economic tool for consolidating Russia’s global orientation towards the Global South. The forum’s agenda directly reflects profound changes in the global economy and shifts in established mechanisms of international cooperation.
Source: Saudi Gazette