The UAE has expressed support for the statement by the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia regarding reviewing the status of oil markets and reducing production, noting that the decision was collective and based on the vote of OPEC+.

Saudi Arabia would be looking to secure investments in untapped business sectors, including green hydrogen, renewable energy, and information technology.

The agreements cover a range of sectors, including renewable energy, green hydrogen, pharmaceuticals and e-commerce

Prince Abdulaziz bin Salman met Deputy Prime Minister Alexander Novak on Thursday at the St. Petersburg International Economic Forum, a flagship conference that almost all Western officials and business executives are avoiding this year following Russia’s invasion of Ukraine.

Crude exports rose to 7.307 million b/d in February, the highest since the record 10.237 million b/d, from 6.996 million b/d in January, the JODI data published April 18 showed. Production climbed to 10.225 million b/d from 10.145 million b/d.

During the telephone conversation, bilateral relations between the two countries and ways of enhancing them in all fields in a way that achieves the interests of the two countries and their friendly peoples were discussed.

Saudi Arabia and Kuwait signed an agreement for the development plan of the Dorra gas field, called Arash by Iran, according to a statement by both countries on March 21.

Saudi Arabia and the United Kingdom signed a memorandum of understanding to establish a strategic partnership council. Earlier, Johnson met the Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al-Nayhan, in Abu Dhabi.

But getting Saudi Arabia and the UAE to agree to pump more crude would require them to break a more-than-five-year partnership with Russia that has forged strong ties beyond oil — an uncertain prospect as they increasingly look eastward for political allies.

Saudi National Development Fund to inject SR570 billion ($152 billion) in the Kingdom’s economy by 2030