Saudi Arabia's energy minister said Tuesday that the organization will keep politics out of its decision-making in favor of stabilizing energy prices.
After the invasion of Ukraine, governments and international organizations have imposed sanctions on Russia, but the Organization of the Petroleum Exporting Countries does not seem willing to take action against Russia.
Saudi Arabia's energy minister told CNBC that the organization's existence was dependent on a separation of its mission from other factors.
The United Nations General Assembly passed a resolution earlier this month urging Russia to abandon the invasion and withdraw all troops, and Prince Abdulaziz said there were other forums through which the Kingdom could voice its opinion.
I have been at it for 35 years, and I know how we were able to separate our political differences from the common good.
Everybody leaves his politics at the outside door of the building when we get into the meeting room.
The energy minister said that after production cut deals were agreed with non-OPEC countries, such as Russia, the organization had dealt with Iraq and Iran.
He said that the reason they were able to maintain the group was because they discussed the issues in an entirely siloed way.
The organization continued to operate despite the war, as highlighted by the Minister of Energy and Mineral Resources of the United Arab Emirates. He said that its only purpose is tostabilizing the market.
He said that they were trying to calm the market and that if they asked anyone to leave they would raise the prices.
We are doing something that is against what the consumers want, what the consumers are crying for in many countries around the world, who cannot afford where the prices could go.
The organization would be against its ethos if it tried to squeeze out members.
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