After snubbing US, Saudi ropes in China to bring stability to global oil market

After snubbing the US, Saudi Arabia has reached out to China to bring stability to the global oil market.

Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz and National Energy of the People’s Republic of China, Zhang Jianhua held a video call and affirmed their readiness to cooperate in maintaining the stability of the global oil market.

Saudi Press Agency (SPA) stated that the two sides agreed to continue cooperation to maintain the stability of oil markets and the peaceful uses of nuclear energy.

The two sides emphasized that Saudi Arabia remains the most reliable partner and source of crude oil supplies to China.

The two sides also discussed investing in integrated refining and petrochemical complexes, and enhancing cooperation in the energy sector’s supply chains by establishing a regional center for Chinese factories.

The two parties agreed to cooperate within the framework of the bilateral agreement in the field of peaceful uses of nuclear energy, between the Chinese and Saudi governments.

The phone call comes, in light of tensions between Washington and Riyadh, following the decision of OPEC+ to reduce oil production.

US President Joe Biden threatened Saudi Arabia and said that it would face “the consequences of Russia’s support,” which the kingdom denied, stressing that the oil decisions are purely economic and are taken unanimously, and were supported by several countries in OPEC and outside it.

Riyadh denied that the decision was taken bilaterally between it and Moscow, and said that it was taken unanimously and that the statements of the Joe Biden administration are trying to convert it into an economic decision to achieve internal electoral gains.