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Tuesday, Nov 29, 2022

Saudi Arabia, China energy officials discuss stability of international oil market

Saudi Arabia, China energy officials discuss stability of international oil market

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman and China’s National Energy Administrator Zhang Jianhua have agreed to work together to support the stability of the international oil market.
The Saudi Press Agency reported on Friday that the two energy officials highlighted their willingness to collaborate on energy security during an online meeting.

The duo will continue “close communication and strengthen co-operation to address emerging risks and challenges,” SPA reported.

They also highlighted the importance of “long-term and reliable” oil supply to stabilize a dynamic global market that is currently facing “complex and changeable international situations,” according to the SPA report.

The two sides also reportedly discussed cooperation and joint investments along the Belt and Road countries, as well as investments in integrated refining and petrochemical complexes in both countries.

Essentially, establishing a regional hub for Chinese manufacturers to utilize Saudi Arabia’s ideal geographical location was explored, according to the SPA report.

The two ministers also reportedly stressed the importance of cooperation in the field of electricity and renewables, and to collaborate in the field of clean hydrogen through research and development.
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