Saudi Arabia calls for all-encompassing boost in Russia trade
Moscow and Riyadh are looking to stay close at a time when many are questioning the prospect of US-sponsored Saudi-Israel normalization efforts
Saudi Arabia’s Energy Minister, Abdulaziz bin Salman, called during an interview with Russian media on 12 October for an increase in the volume of trade exchange between Riyadh and Moscow.
Speaking to the Russia 24 news channel, the energy minister said that the two states “must strive to increase the volume of trade and joint investments, and there is no need to focus on one specific sector of the economy.”
Bin Salman also said that it was necessary to be “proactive” on the oil market, which needs stabilization and "cannot be left on its own."
"We are not magicians; it is hard to forecast what will happen on the market even in half a year."
Russian Deputy Prime Minister, Alexander Novak, said during the same interview that Russia’s agreement with OPEC+ for a slash in production levels in October last year had a stabilizing effect on the market.
Last year, the powerful oil bloc agreed to a 2 million bpd oil production cut. The White House was taken aback at the time, and accused Saudi Arabia and other OPEC+ members of “aligning with Russia.”
The production cuts were extended earlier this year until 2024, coinciding with continued development in the economic relationship between Russia and oil-producing Gulf states, most prominently Saudi Arabia.
Bin Salman’s comments come in the wake of the ongoing war between the Hamas resistance movement and Israel, which many are saying is posing a threat to recent US-sponsored efforts to reach a normalization agreement between Tel Aviv and the kingdom.
Tel Aviv’s brutal response to Hamas’ attack on Israeli settlements on Saturday has made “it harder, if not impossible, for [the US] broker a peace agreement between Saudi Arabia and Israel,” US media outlet Axios wrote over the weekend.
Several other western media outlets have highlighted how the normalization efforts have been significantly “derailed.”
Israeli media itself has said that the normalization efforts have taken “a violent detour.”
According to The Cradle’s Mohammad Sweidan, “Riyadh will find it nigh near impossible to abandon its request for Israeli concessions, particularly with Tel Aviv's aggressive bombardment of civilians in the Gaza Strip now a daily occurrence.”
“The blow suffered by Israel will make it equally impossible for the Saudis to extract concessions for Palestinians … the chances of Saudi-Israeli normalization taking place are now significantly reduced.”
Sweidan adds that Hamas’ operation has exposed Israel’s deep security weaknesses, and these Israeli weaknesses are “automatically translated into perceived US weaknesses within West Asia,” which is likely to make regional states seek to bolster ties with Washington’s adversaries.