Saudi arabia are monitoring the situation on the global oil market, and the countries are coordinating actions within the framework of the opec plus agreement. About this is what deputy Prime MinisterAlexander Novak and Saudi ArabianEnergy Minister abdalaziz ben saalman said in an interview with russia 24. How the parties assess the situation and the implementation of which projects in moscow and erriad are a priority today, watch in an exclusive conversation right now. Alexander. Hello. With the Current Situation on the global oil market, given that we are in the Russian Energy week, how do you assess the balance of supply today, and the situation that we see in the middle east, i mean the war between israel and hamas, how can it influence the market, your Royal Highness, lets start with you first, well, first of all, i would like to talk more about supply and demand, i left political issues for our cabinet of ministers, i think that we will bring much more benefit, if we were to talk about the oil market, rather than exchange opinions, and this would not be a very informed view of political issues, i would therefore like to limit ourselves to issues related to the oil market, as you can see, there have been certain fluctuations over the last 2 weeks and were good. China, europe, then 2 weeks later, the situation has changed in exactly the opposite direction, so it is very difficult to be confident in the Current Assessment of the situation, and how you will get through the Current Situation, that is, i would say that it is like a twoweek toy. And it must be said that we are now living in an era of uncertainty and this requires a certain caution from us , that is, we do not need to rely on the fact that this will be forever, we need to establish Communication Channels, and these Communication Channels must be very effective, so you know, after meeting, which took place last week, some of our friends. From the gulf council plus opec partners and iraq, we met in riyadh, and along with discussing climate change, we discussed other issues, and today we maintain our bilateral relations, we also have the opportunity to discuss what is happening in the market in a more multilateral format, it is not a state one. And we communicate a lot with the gentleman, we communicate with our friends from opek plus. This market cannot be left without guardianship and therefore we need to take all precautions, we cannot leave it to chance, we need to be proactive. Especially given the multifaceted challenges. You have already noted opec plus the impact of the deal on. Well talk about this a little later, Alexander Valentinovich, im asking you the same question, how do you assess the situation and the middle east, the Current Situation there, how it can affect the market, well , i agree with my colleague, with my friend, prince abdulaziz, that really the market is in such a rather sensitive state, fragile, but at the same time balanced, in my opinion, it is balanced due to the fact that our interaction within the framework of opec plus, those decisions that. Adopted throughout this year, including an additional voluntary reduction in supply from saudi arabia in the amount of 1 Million Barrels per day, russia accepted itself. Voluntary obligations, including to reduce export supplies, these agreements are valid until the end of the year, and we promptly respond to the situation that is developing in the market, there are really a lot of uncertainties in the market, well, firstly, i want to say that it is very sensitive, in general, to the rate of Economic Growth, and today we see that the rate of Economic Growth is somewhat lower than predicted at the beginning of the year, according to according to expert estimates, this is 3 , at the beginning of the year they planned a 3. 4 global Economic Growth rate, plus we see a slowdown, that is , lower growth rates in developing countries, this also affects the demand in the world for oil, in fact, we estimate all this on all our monthly meetings, we constantly Work Together with colleagues, i am very grateful, mr. Minister, that we are in contact with him, and this is really the kind of work that allows us to assess the current state, make predictions, so we also look at the actions of the Central Banks of different countries, these are the changes that banks make regarding rates, discount rates, they, of course, also affect the global balance of supply and demand, the activity of the economy, so this is constant work, therefore, if previously we could gather there once a quarter or once every six months to assess the Current Situation, today the market is very sensitive, we have to be more active, interact and work more often, and i want to say a huge word of gratitude that, uh, his Royal Highness is visiting moscow today , together with the large delegation that is here for Russian Energy week, this not only emphasizes the Strategic Partnership between our countries and friendly relations, but also the huge potential for the development of bilateral cooperation between our countries, including today we were able to discuss in great detail the situation on the market, its balance of supply, we confirmed that all the decisions that were made were correct and the opec plus mechanism is effective, together with other countries, with our partners who are participating in this, our next meeting, as i already said, will be held in november, we will carefully monitor what is happening in the world, in the economy, finance, on the Balance Sheet, in the balance of demand and supply, and etc. At my question is related to opec plus, russia and saudi arabia are additionally voluntarily reducing oil supplies to the market, рriat by a Million Barrels per day, russia by 300,000 until the end of the year, is there a plan to look beyond the black swans that are present in it, the situation on the market and we will continue these reductions until the end of the year, that is, we will issue a separate message, russia has also acted, a separate decision has been made, and it must be said that every month, like pascal, we will review whether we will deepen the reduction or we will increase oil production, in any case we. Work in the same mode , maybe its a month, 2, 3, 4, 5 months, as long as it takes, everything that is necessary so that we can to ensure that we behave accordingly in order to ensure calm in the markets, in order to bring stability to the markets, and we want to bring stability to. The less volatility there is in the market, the less uncertainty there is, i hope , this will be the case in the next few months, the less as mr. Novak said, the less we will interfere in the work of the market, because again, there is a certain way forward, there is visibility, there is transparency, and if there is no transparency, the more you have to interfere, and accordingly, the more transparency, the less you intervene, and if we talk about the deal, then its most important goal was when it was concluded, it is simply a balance of supply on the market, but of course, not only the market benefits, but also the countries that take part in the deal, Oil Producing countries. Alexander valentinovich, for the russian economy, what is the plus . Well, as for the effect from the relationship, from ours, from our cooperation within opec plus, i think, first of all, we should talk about the stability of the energy industry, the oil industry, first of all, stable investments, forecasts , this is the provision of jobs, tax revenues, so of course, when we talk about balancing the market, we are talking, first of all, about the stable predicted work of the industry for many years forward, because the industry is very investmentintensive, any investment cycle requires a certain time , and therefore , in order to ensure its stable operation, it is necessary today for the industry to feel and understand that we, lets say, are those producers in the world who occupy, a large share, we will not give up, but we are working on its future, because we understand that hydrocarbons will make up a significant share in the Energy Balance for a long time and to ensure Global Energy security, supply Global Growth economy, it is important to see a stable supply of Energy Resources, of course, for our country, since the oil and gas industry is key in terms of providing tax revenues, ensuring those expenditure obligations, social, which are ensured through the calculation of the budget, the stable operation of our oil and gas industry is important, and this is the main result, budget revenues, provision of expenditure obligations, tax revenues, jobs, employment and so on, we work in this part, our companies provide production activities, participate in this cooperation, including in order to ensure a stable. Complex, mr. Minister, for saudi arabia, opec plus for the countrys economy, which benefits it brings, and saudi oil and gas companies, first of all, of course, saudi aramka, how do they plan to further expand the Investment Program and invest in new projects, is this relevant today . Lets not talk about income, because we are not talking about income, cloud wealth, economic wellbeing, of course, when this happens. And im speaking in a historical context, when there was only opec before opec plus, when clarity was determined in the implementation of our goals, tasks, when everyone accepted obligations to fulfill their goals, then the more successful our organization was, and accordingly this brought a certain benefits all of us, and the same thing, we have a certain charter, we have a certain path forward, a road map, certain obligations, depending on how people will fulfill their obligations, which is why we have developed such a mechanism to ensure compliance and continuity with the set goals, and the more often this happens, the more. We will receive benefits collectively, we intend to Work Together, we intend to coordinate our activities so that all necessary preliminary, preventive measures are taken, and what distinguishes us from any other groups or organizations is that we always act in a protective, proactive, so say, and the more. The better you come out of a situation, anticipate what might happen next, and the more likely it is that you can protect your citizens, but collective action is much more beneficial than if you try to solve a situation individually, most often when it comes to forecasts, everyone is afraid to make them and doesnt like them, but as a journalist i cant ask such a question, before the end of the year, what oil prices will we see, Alexander Valentinovich, well , we usually dont say specific numbers, because this is a thankless task, here we are understanding that our task is not to establish specific figures, in the Balance Sheet in the longterm understanding of how the market will develop, so the market itself determines prices and we hope that. And that the main goal is the stable operation of the market, it will ensure including thanks to our joint actions. Mr. Mister, you nodded, apparently you agree with this position, can you name the numbers . I completely agree. And you know, i have always advocated a similar position. And, i remember historically, when opec targeted prices and. It didnt work out success in the eighties. And like weird opec, we learned this lesson a long time ago. If you fail to achieve price targeting or price setting, then the consequences can be very, very bad, and saudi arabia lost about 70 of our productive capacity because accordingly we wanted to charge high prices, so thats what happened, and it happened in such circumstances when circumstances were no longer favorable for this. And you know, we are not magicians. And it is very difficult to predict what will happen in the oil industry tomorrow market, next year or even in six months, but for us the fundamental thing is stability, this is sustainability , the sustainability of this stability, among those associations where russia and saudi arabia are already working and will Work Together, i would like to separately note brix, january 1 next year solodovskara is joining the association, from an energy point of view, mr. Mini. How do you think the interaction will be built, what will it give in relations with russia along the energy line . You know brix is new phenomenon, but it must be said that this is an Additional Organization to ours and other groups, that is, we work within the framework of the twenties, within the framework of the group on climate change, and so on and so forth, so brix is a completely natural continuation of the approach to many a fundamental issue of mutual interest not only for us and for russia, but there are also other countries within b that agree with us in opinions and views, in approaches, on trade issues, on many other things, so for me brix, i would say this is a statement the fact that in saudi arabia, we are in contact with many brix countries on various issues, this is simply a continuation of bilateral multilateral relations within the brix framework, on those issues that are significant to us, or that pose a challenge to us. Aleksandrovich, i have a question for you regarding the situation on the gas market , we see how prices are now starting to rise in europe, russian flows, you have spoken more than once about how export directions are now being reoriented, how are you in general assess. The situation that we see at the moment there in midoctober twenty three. Well, i can answer that the situation on the gas market is radically different from what it was 2 years ago, as a result of the fact that europe abandoned russian gas, as a result of terrorist attacks on gas pipeline infrastructure, i mean nord stream, in europe today well, essentially, a transformation has taken place in europe. From the point of view of consumption from the point of view of gas supply, well, even then a proposal that is the latest events of the baltic pipeline too, well, i cant comment on what happened there, as if we only see that the gas pipeline really doesnt work like that, the question is that europe as a result has lost a cheap, reliable supplier there, currently , there is a gas shortage on the part of the russian federation, in europe , and this is reflected in the fact that a very large decrease in consumption occurred based on the results of last year, so enterprises are overpaying for gas from lng suppliers, in as a result, the rate of Economic Growth slows down, as we see, Many Enterprises are transferring their production to other markets, to other countries, in general, some serious transformation is taking place, which has yet to be assessed in the future for its consequences for. For residents of european countries, for our part, we understand that in the asiantean region there will be an increase in the consumption of Energy Resources, not only oil, but also gas, gas is a cheap Energy Resource that is actively used in the future and will increase its share in the Energy Balance, so our vector of development is to deliver to a greater extent to the east, this is the development of liquefied natural gas, which can be supplied anywhere in the world by transport, and we are also undergoing a global diversification of our gas industry at the moment. Today, as part of the Russian Energy week, an Intergovernmental Commission also held meetings in a narrow and expanded format between russia and saudi arabia. Mister minister, lets start with you, how do you assess todays trade and economic interaction, we see how, for obvious reasons, in the twentysecond year, commodity. Decreased slightly, but at the same time, the figures already began to grow in the twentythird, and how are things going in general in the economies between the two countries today, and what are they like today . Projects, which sectors are the priority for investment . I dont think we need to set priorities like that, we need to approach this issue a little differently, we need to expand the scope of our mutual relations, that is, as soon as an opportunity for Mutual Benefit opens up, lets say some kind of mutual investment or trade with each other, thats what needs to be done, i think it can help us, that is, we should try to maximize. Turnover, investments, joint trade and joint investments, and it is not necessary to focus on any particular sector of the economy, you just need to build up mutual relations, that is why we had a meeting, there will be another meeting at the end of november, and you know, we are not placing we dont want such goals. Anything other than maximizing collaborative relationships, cooperation, i think it will all work out, and there are some things that are of mutual interest to both countries, and we need to work with each other to develop appropriate technologies, especially those related to the energy market, in order to ensure carbon reduction , respectively carbon capture, will be done on Renewable Energy sources, you have your own program, and we are present at some of the meetings and even present our own program, which will achieve these goals, and i am sure that you take these issues seriously, and we, as you can see, take this seriously, so i think it is much better to work with serious people and work on the same questions. When some of these technologies are linked in one way or another to climate change, mitigation , and therefore reduction of co2 emissions, it will be good for everyone, then we will all benefit from it, benefit if we Work Together to develop similar technologies together. Mr. Minister, you are talking about the need to maximize relationships on several tracks at once, and what exactly needs to be done is expansion without companies programs, the creation of some new organizations, or complicating work in funds that already exist, now you an additional question, ill turn to Alexander Valentinovich later. I think we approach this issue with a fairly broad view, that is, this applies to work within the private sector and the public sector. I think its right for them then it would be to contact us, to say that we can. Do this this and this, provided that both governments can act as such an engine, and this means that this engine does not necessarily have some benefits, it could be laws, it could be some kind of regulatory framework, and it doesnt matter whether it is a state company or a private company, it is important that they fulfill the assigned tasks, it must be a highquality approach, a certain one is created. So that accordingly we can establish communication between partners, then they will discuss opportunities and if necessary, the government will provide the necessary support, accordingly, if we realize that the benefits are so significant, then of course we will not oppose the ideas, offer all the necessary assistance, to what extent do you agree with the position of your colleague, and do you think today, are all possible measures already being applied in practice to ensure that trade turnover increases . Well, i completely agree with his korelian family about what he said. What should the state do, the authorities for in order to create conditions for business to develop relationships, trade, and mutual investments between our countries, i want to note that we see huge interest from Russian Companies in various areas, be it energy, transport, housing and communal services, industry, and on the part of saudi companies, to develop. Cooperation, there are niches that can be developed and filled, what the authorities should do is to remove restrictions and barriers, today the eighth meeting was held, for in previous years, a lot has already been done; our trade turnover has increased significantly, but there is still huge potential ; this year alone we increased trade turnover by 20 in 9 months compared to last year, what else can and should be done, we need to remove visas restrictions on mutual travel, that is, there are chances that we will fly to ryat, yes, we discussed this this morning and are moving in this direction, we must create conditions for settlements, that is, in the financial and banking sector, open correspondent accounts, so that our Central Banks can help with this, the ministry of finance, designate authorized banks that could operate. Today in russia, as you know, as an experiment, Islamic Banking has been introduced in four constituent entities of the russian federation, this is also one of the ways of regulation , which allows us to additionally provide and invest. Calculations for project financing, we talked today about expanding transport links and opening air lines to airplanes flew in greater numbers between our countries, between our cities, these are the areas that we give the opportunity for our business to use and develop, and business has the opportunity and the desire to work, today there were a lot of business representatives at the Intergovernmental Commission, its time. We work in groups , they worked, we signed a protocol on joint decisions on what we will do and what areas of cooperation will develop, but this is not only business, this is also the humanitarian sphere, cultural, education, healthcare, here are also huge, so the areas of development potential, bilateral cooperation between our countries, i want to thank his highness again, because he and the large team here in moscow worked very closely together with our specialists, with our federal authorities authorities, i am sure that this will give an additional impetus for our relations to develop. Concluding our conversation, i also have one common question, this year the theme of ren sounds like a new reality of the world energy creating the future. What is the future of Global Energy, your highness . The future of energy, i think it will be very energetic, Alexander Valentinovich, well, to put it briefly, it will be bright, well, what about the energetic color, thank you very much for coming to our russia 24 studio, agreeing to this format and good work on the forum, thank you, thank you, thank you. Its 10 in moscow, we continue the morning broadcast, heres what weve learned up to this hour. Vladimir putin will hold talks today with the president of kyrgyzstan sadyr japarov. Russian leader beshket has already arrived. During the visit , meetings with colleagues from the cis and participation in events marking the twentieth anniversary of the Russian Air Base in kans are also planned. And tomorrow Vladimir Putin will speak at a meeting of the council of heads of state of the commonwealth