This expansion aligns with Saudi Arabia's strategic goals in the evolving global energy markets.

The announcement was made during a panel discussion at the St. Petersburg International Economic Forum in Russia, attended by OPEC and non-OPEC ministers.

Prince Abdulaziz, who is also the OPEC+ chairman, highlighted the flexibility of the OPEC+ agreement, allowing for adjustments to production if market conditions require.

Prince Abdulaziz, the Saudi Arabian Energy Minister, defended OPEC+ decisions against negative portrayals in the media and by some analysts.

He disputed erroneous reports from financial institutions and emphasized the success of OPEC+ strategies, specifically the April 2020 meeting during the COVID-19 pandemic and the recent June meeting.

Prince Abdulaziz refuted claims that OPEC+ prioritizes market share over price stabilization and assured that their actions are geared towards market stability.

Saudi Arabia's plans include gradually increasing oil production to 12.3 million barrels per day by 2028, with significant increments starting in 2025.

Prince Abdulaziz, the Saudi Arabian Energy Minister, mentioned the Kingdom's dedication to renewable energy, with a goal to replace one million barrels of oil used for electricity generation through expansion.

In the larger context of OPEC+ decisions, the group agreed to decrease production cuts by approximately 2 million barrels per day starting in October.

Following the announcement, crude oil prices initially dropped, but Prince Abdulaziz remains optimistic about the market's recognition of OPEC+ policies.