Русский
The Russian Deputy Prime Minister Alexander Novak and Saudi Arabian Energy Minister Abdulaziz bin Salman, as co-chairs of the Russia-Saudi Arabia Intergovernmental Commission, have discussed current issues of interaction in key sectors of the economy.
The Russian government’s press service said that “special attention was paid to cooperation in the energy sector. Deputy PM Novak said that collective actions within the OPEC+ framework serve long-term national interests and contribute to strengthening both countries’ economies. The parties also discussed opportunities for developing joint projects in the fields of LNG, hydro, and nuclear power.”
As regards OPEC, the eight OPEC+ countries are expected to raise oil output, with Saudi Arabia pushing for a large increase to regain market share and Russia suggesting a more modest rise. Russia and Saudi Arabia, the two biggest OPEC+ producers, have over the past years sometimes disagreed on the size of output rises but ultimately found a compromise.
The meeting took place on the sidelines of the Russian Energy Week international forum, ahead of the Russian-Saudi intergovernmental commission on trade, economic, scientific, and technical cooperation and the Russia-Saudi Arabia Business Forum, which will be held on November 5-6 this year in Jeddah.
Russia-Saudi Arabia bilateral trade increased 62.7% in 2024 to reach US$3.8 billion. It quadrupled in Q1 2025, which, if maintained, would result in trade reaching up to US$15 billion for the full year. Key areas of cooperation include energy, agriculture, and technology, with Saudi Arabia importing Russian refined petroleum, wheat, and meat, while Russia’s agricultural exports to the kingdom have also significantly expanded.
Investment cooperation also shows positive dynamics, with accumulated Russian investments in Saudi Arabia increasing sixfold over 2025, and investments from the Saudi side in Russia increasing 11%. Over the past ten years, more than 40 joint investment projects have been implemented in information technology, transport, infrastructure, petrochemicals, and other sectors of the economy, as both sides wish to diversify away from energy. Examples of this include aviation components, shipbuilding, and the agriculture industries.
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