China, Saudi Arabia affirm importance of stable global oil market

China, Saudi Arabia affirm importance of stable global oil market

RIYADH: China and Saudi Arabia reaffirmed the significance of global oil market stability and Riyadh's role in maintaining it, a joint statement said on Friday during Chinese President Xi Jinping's visit to the kingdom, the world's biggest oil exporter.

OPEC+ heavyweight Saudi Arabia is the top supplier for China, the world's biggest energy consumer, and the two sides had pledged in bilateral talks on Thursday greater trade and economic cooperation as they move to deepen relations.

The OPEC+ oil producers alliance that includes Russia kept output unchanged at its last meeting on Dec. 4 as markets struggle to assess the impact of a G7 price cap on Russian oil and a slowing Chinese economy.

"The People's Republic of China welcomed the Kingdom’s role as a supporter of the balance and stability in the world oil markets, and as a reliable major exporter of crude oil to China," the joint statement carried on Saudi state media said.

It said the two sides would explore common investment opportunities in petrochemicals and enhance cooperation in renewable energy, including nuclear, and develop projects for energy supply chains, efficiency and advanced technology.

Saudi Aramco and China's Shandong Energy signed a memorandum of understanding that included a potential crude supply agreement