Saudi Arabia, China Stress Importance of Reliable Oil Supplies for Market Stability

Saudi Arabia, China Stress Importance of Reliable Oil Supplies for Market Stability

Saudi Arabia and China have agreed to cooperate in the field of "peaceful use of nuclear energy" and establish a regional hub for Chinese manufacturers to use the Kingdom's strategic location linking three continents.

Saudi Energy Minister Prince Abdulaziz bin Salman held on Friday an online meeting with China’s National Energy Administrator Zhang Jianhua.

During the call, the two sides affirmed their keenness to work on enhancing cooperation between the two countries in the energy field.

They also stressed the importance of cooperation in electricity, renewable energy, and clean hydrogen through research and development.

The discussions included cooperation and joint investment in the “Belt and Road Initiative,” investing in the integrated refining and petrochemical industry in both countries and enhancing cooperation in the energy sector supply chains.

The two sides affirmed their willingness to cooperate in maintaining the stability of the global oil market, stressing that Saudi Arabia is "the most reliable partner and source of crude oil supplies to China."

They also confirmed their willingness to work together to support the stability of the international oil market, continue close communication, and strengthen cooperation to address emerging risks and challenges.

Saudi Arabia and China affirmed their readiness to cooperate in maintaining the stability of the global oil