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China, Saudi Arabia Pledge Closer Energy Cooperation

Saudi’s Prince Abdulaziz and his Chinese counterpart Zhang Jianhua promised to strengthen ties in a teleconference call, Saudi state news agency SPA reported


Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman al Saud, speaks during the Future Aviation Forum in Riyadh, Saudi Arabia, May 9, 2022. REUTERS/Ahmed Yosri
Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman al Saud, speaks during the Future Aviation Forum in Riyadh, Saudi Arabia, on May 9, 2022. Photo: Reuters

 

Energy chiefs from China and Saudi Arabia have pledged to strengthen their ties and help maintain stability in the oil market.

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and the director of China’s National Energy Administration Zhang Jianhua made the promise after a teleconference call, Saudi state news agency SPA reported.

The Saudi minister reaffirmed earlier on Friday from New Delhi that OPEC+ is doing the right job to ensure stable and sustainable oil markets.

The United States and Saudi Arabia have been at odds since a decision by OPEC+ group of oil producers, of which Saudi is the de facto leader, to cut output even after the Biden administration sought to stay OPEC’s hand for a month with an eye on US mid-term elections.

 

Also on AF: Asia Shares Slip as Rate Hikes, Recession Fears Deepen Gloom

 

China, the world’s largest crude importer, has stuck to strict Covid curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel.

But reports that Beijing is considering cutting the quarantine period for visitors to seven days have bolstered prices on Thursday despite no official confirmation of the measure.

Prince Abdulaziz and his Chinese counterpart agreed to continue cooperation efforts to maintain stability in oil markets, SPA said, adding that the Kingdom continues to be China’s most reliable partner and supplier of crude oil.

He had earlier this week spoken with the trade minister of Japan, another key client, and discussed strengthening cooperation on energy. 

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

India, Saudi Discuss Rupee-Riyal Exchange Mechanism

China’s Imports of Russian Oil Surge, But Saudi Top Supplier

Saudi Arabia and China: New Best Friends? – Deutsche Welle

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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