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Saudi Arabia proposes Russia to consider gas market cooperation — Novak

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Al Saud and the Russian Deputy Prime Minister Alexander Novak discussed this issue at the bilateral meeting

MOSCOW, October 14. /TASS/. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Al Saud offered the Russian Deputy Prime Minister Alexander Novak to consider the possibility of cooperation on the gas market, Novak told reporters on the sidelines of the Russian Energy Week on Thursday.

"He offered to think about this issue, and we discussed it at our bilateral meeting. And we came to a point where it wouldn't be a bad idea to think about it. So, that's what we will do," Novak said.

He also called this idea "rational."

Prince Abdulaziz bin Salman Al Saud expressed the opinion that the situation in the markets for natural gas, liquefied natural gas (LNG) and coal, which are experiencing a period of price peaks, is caused by insufficient investment in these industries and a lack of regulation like OPEC+, he said during a panel discussion. He explained that "carbon neutrality should not be a goal in itself," as these ambitions disrupt stability in energy markets. "If we look at the gas and coal market, we will see that they need this type of regulator. Perhaps they should just copy-paste and repeat what we are doing on the oil market," he suggested.

The Moscow-hosted Russian Energy Week International Forum is being held on October 13-15. The event serves as a platform for discussing the main challenges that the energy sector faces. The forum is being held to demonstrate the prospects that the Russian fuel and energy industry offers and to unlock the potential of international cooperation in the energy sphere. This year, the forum contains more than 30 business events, with more than 200 top company executives from various sectors of the fuel and energy field, as well as from the oil and gas, and coal and electric power industries, expected to participate.