Network: CNBC International

Release date: June 4, 2021

Main topics: Oil production, OPEC+

Prince Abdulaziz bin Salman, Saudi Arabia’s minister for energy, spoke to CNBC’s Hadley Gamble at the St. Petersburg International Economic Forum.

He said that he “does not see any threat to market stability,” adding that he “does not talk about price” when Gamble asked whether he views inflation or new COVID-19 variants as threats to energy.

The International Energy Agency released a report this year containing serious warnings on global fossil fuel use. It said that the exploitation and development of new oil and gas fields must stop this year if the world wants to reach net-zero emissions by 2050.

Prince Abdulaziz bin Salman dismissed the report, calling it a sequel to “La La Land” in a separate interview — but reiterated the sentiment his talk with Gamble, saying that those who had created such a scenario were “out of touch with reality.”

He added that Saudi Arabia would honor its plans to produce oil, starting in July.

However, he was secretive when asked about upcoming moves within OPEC+, and said: “We have to shroud our moves. We have to make sure speculators are not on their toes, but on their nails.”