Saudi Energy Minister Prince Abdulaziz bin Salman and Zhang Jianhua, China’s National Energy Administrator, have stressed the importance of “long-term” and “reliable” crude oil supplies during a phone call.
Both officials confirmed their willingness to work together to support the stability of international oil markets, the Saudi Press Agency reported on Friday.
China, the world’s largest crude oil importer and second-largest economy globally, has been buying discounted crude oil from Russia since the Ukraine war began.
Analysts have said that Beijing would be less inclined to increase its energy reliance on Moscow, with an EU embargo on Russian oil set to come into effect on December 5.
“While Russian crude trades at a discount to market prices, exports to China and India have not increased further,” said UBS strategists in a report earlier this week.
“We believe China may be aiming to avoid making Europe’s mistake of becoming too dependent on one country, preferring to keep the maximum share of one exporter at 20 per cent.”
Coronavirus-related mobility restrictions have limited oil demand growth in China.
Since 2020, Beijing has pursued a zero-Covid policy that calls for complete lockdowns, even in the case of minor outbreaks.
Frequent lockdowns have affected China’s large manufacturing sector and disrupted global supply chains.
Oil markets have been tight after the Opec+ alliance of oil-producing countries slashed its output by 2 million barrels per day on expectations of an economic slowdown.
Crude production in Saudi Arabia, the world’s largest oil exporter, increased by 236,000 bpd to 11.05 million bpd in August, while its exports in the month surged to a more than two-year high of 7.6 million bpd, according to data from the Joint Organisations Data Initiative.
Discussions between Prince Abdulaziz and Mr Zhang included “co-operation and joint investments along the Belt and Road countries, as well as investments in integrated refining and petrochemical complexes”, SPA reported.
Both officials also stressed the importance of co-operating in the fields of electricity, renewables and clean hydrogen.
China was the top trading partner of Saudi Arabia in the second quarter of 2022, with exports amounting to 63.4 billion riyals ($16.9bn). India and Japan followed next with exports of 43.5bn riyals and 39.1bn riyals, respectively.
Meanwhile, Saudi imports from China amounted to 34bn riyals in the second quarter, making it the top source of imports into the kingdom.
China was followed by the US and the UAE, with imports of 15.4bn riyals and 11.2bn riyals, respectively.
Bullet%20Train
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULTS
5pm: Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Jawal Al Reef, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
Winner: AF Seven Skies, Bernardo Pinheiro, Qais Aboud
6pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: Almahroosa, Fabrice Veron, Eric Lemartinel
6.30pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Sumoud, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m
Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,400m
Winner: Adventurous, Sandro Paiva, Ali Rashid Al Raihe
SPECS
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Match info
Newcastle United 1
Joselu (11')
Tottenham Hotspur 2
Vertonghen (8'), Alli (18')
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
Dubai Rugby Sevens
November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
More coverage from the Future Forum
The Lost Letters of William Woolf
Helen Cullen, Graydon House
UAE currency: the story behind the money in your pockets
Brief scores:
Toss: Australia, chose to bat
Australia: 272-9 (50 ov)
Khawaja 100, Handscomb 52; Bhuvneshwar 3-48
India: 237 (50 ov)
Rohit 56, Bhuvneshwar 46; Zampa 3-46
Player of the Match: Usman Khawaja (Australia)
Player of the Series: Usman Khawaja (Australia)
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
