The Media Line: Saudi Energy Minister: OPEC+ Will Act Based on Facts, Not Forecasts 

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Saudi Energy Minister: OPEC+ Will Act Based on Facts, Not Forecasts 

By The Media Line Staff 

Saudi Energy Minister Prince Abdulaziz bin Salman said Thursday that OPEC+ will base any future oil production decisions on real-world developments rather than speculation, as fears of a broader conflict between Iran and Israel pushed oil prices higher. 

Speaking during a panel at the St. Petersburg International Economic Forum, Prince Abdulaziz said, “OPEC+ has always proven to be attentive to circumstances when they actually prevail,” referring to the alliance’s history of reacting to tangible shifts in global energy markets. He declined to comment on hypothetical scenarios involving supply disruptions caused by the conflict. 

Oil prices surged over $10 in the past week as markets reacted to growing tensions following an Israeli strike on Iranian territory. While both nations have targeted oil-related infrastructure, no major disruptions to global supply have been reported so far. 

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), is not currently subject to the alliance’s production quotas. Should hostilities deepen, its oil exports could come under threat. Russia, another key player in the extended OPEC+ group, has said it could compensate for any potential drop in Iranian output. 

The next OPEC+ meeting is scheduled for July 6, when the group will review plans to increase production beginning in August. A prior agreement had set July’s output increase at 411,000 barrels per day, though Russia had urged a temporary pause before that decision. 

Market observers say the situation remains volatile and warn that direct US involvement could escalate the crisis and further strain global supply chains.