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China and Saudi Arabia agreed to expand the crude oil industry as the world’s largest oil importer and the world’s most sensible crude exporter moved forward their relations toward a strategic partnership Chinese President Xi Jinping’s scale in Riyadh.
“China will communicate and coordinate with Saudi Arabia on energy policy, expand the scale of crude oil trade, exploration and progressive cooperation, and undertake the allocation of the China-Saudi Gulei ethylene complex and other large-scale energy cooperation allocations,” China’s Xinhua news firm said. quoted Xi as saying.
China and Saudi Arabia also agreed to explore joint investment opportunities in the petrochemical sector and cooperation in hydrogen, electricity, photovoltaics, wind and other renewable energy sources.
China, a major visitor to Saudi crude, and the Kingdom have deepened ties in recent years in the energy sector.
Xi’s visit to Saudi Arabia at a time of major oil market and geopolitical turmoil with Russia’s invasion of Ukraine signals China’s aim to increase its influence in the Middle East, where the United States was, until recently, the superpower. most influential in the world. The Chinese president also suggests that Saudi Arabia considers its relations with China to be of strategic importance.
Like China-Saudi relations, U. S. -Saudi relations are at an all-time low, especially after U. S. management in October criticized Saudi Arabia and OPEC for what it called “short-sighted” and “wrong. “Decision to reduce its oil production target through 2 million barrels consistent with the day (bpd) starting in November.
By Tsvetana Paraskova for Oilprice. com
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