DIRS.INFO The most relevant business & tech news

☆ Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year
▼ + stars: | 2023-09-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary crude oil production cut until the end of the year, according to the state-owned Saudi Press Agency. The reduction will put Saudi crude output near 9 million barrels per day over October, November and December and will be reviewed on a monthly basis. The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organization of the Petroleum Exporting Countries have put in place until the end of 2024. Fellow heavyweight oil producer Russia — which leads the contingent that joins OPEC nations in the OPEC+ coalition — also pledged to voluntarily reduce exports by 500,000 barrels per day in August and by 300,000 barrels per day in September. OPEC Secretary-General Haitham al-Ghais has previously said that resorting to voluntary reductions outside of OPEC+ decisions does not suggest divisions in policy views among alliance members.

Persons: Russia —, —, Alexander Novak, Haitham, Ghais Organizations: Saudi Press Agency, Organization of, Petroleum, Kremlin, Brent Locations: China, Saudi Arabia, Russia, Saudi, Riyadh, OPEC, London

☆ Don't look now, but oil has formed a 'golden cross' chart pattern
▼ + stars: | 2023-09-05 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

A golden cross is when the 50-day moving average breaks above the 200-day moving average. Some chart analysts think the 200-day moving average needs to be ascending for it to count as a "golden cross." "On August 24th a golden cross occurred. One way for investors to gain exposure to the move in oil prices is through exchange-traded funds that buy oil futures contracts, such as the United States Oil Fund (USO) . There are also leveraged funds such as the Ultra Bloomberg Crude Oil ETF (UCO) that are riskier bets but could generate big returns if the oil market rally does continue.

Persons: Paul Ciana, Ciana, Chris Verrone, Verrone, — CNBC's Michael Bloom Organizations: Bank of America, Texas, Energy, Saudi Press Agency, United States Oil Fund, Ultra Bloomberg, Oil Locations: Saudi Arabia

☆ Oil prices gain after Saudi Arabia extends voluntary oil production cut until end of 2023
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +2 min

On Tuesday, Saudi Arabia extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency. China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Saudi Arabia is widely expected to extend voluntary oil cuts into October and Russia will unveil a new OPEC+ supply cut deal this week, according to its deputy prime minister. Moscow has already announced it will cut exports by 300,000 barrels per day (bpd) in September, following a 500,000 bpd cut in August. Riyadh is also expected to roll over a voluntary 1 million bpd cut into October.

Persons: Brent Organizations: U.S, West Texas Intermediate, Saudi Press Agency, European Union, Federal, ING Locations: Long Beach , California, Saudi Arabia, China, Britain, Russia, Moscow, Riyadh

☆ Oil prices soar to 10-month high as Russia and Saudi Arabia commit to slash production for longer
▼ + stars: | 2023-09-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Oil prices climbed after Saudi Arabia and Russia committed to further production cuts until December. West Texas Intermediate crude oil, meanwhile, traded at about $87 a barrel, also a 10-month high. The jump in prices followed a statement published by state-run Saudi Press Agency that declared Saudi Arabia and Russia would prolong their oil production cuts for another three months until December. "This voluntary cut decision will be reviewed monthly to consider deepening the cut or increasing production," according to the media statement, per Bloomberg. Oil prices have remained tempered due to mounting concerns around China's economy.

Persons: Brent, Alexander Novak, Vladimir Putin Organizations: Service, West Texas, Saudi Press Agency, OPEC, Bloomberg, UBS, CNBC, bbl Locations: Saudi Arabia, Russia, Wall, Silicon, 4Q23, Riyadh, Moscow, Beijing

DUBAI, United Arab Emirates (AP) — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. The decision “is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain stability and balance of oil markets,” Novak said. There was no immediate reaction in Washington, though U.S. lawmakers have criticized OPEC, Saudi Arabia and Russia over their past production decisions. The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. But Saudi Arabia also has to manage its relationship with Washington.

Persons: Joe Biden, Alexander Novak, ” Novak, Brent, Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Prince Mohammed, Vladimir Putin Organizations: United Arab Emirates, Brent, Saudi Press Agency, OPEC, Energy Ministry, Benchmark Brent, AAA, Labor, Washington, Washington Post, U.S Locations: DUBAI, United Arab, Saudi Arabia, Russia, Riyadh, Moscow, Saudi, United States, Ukraine, Washington, U.S, China, Israel, America, Iran, India

☆ Europe wants China in its corner on Ukraine. But their relations are a tricky balancing act
▼ + stars: | 2023-08-12 | by ( Luke Mcgee | ) edition.cnn.com time to read: +10 min

CNN —European officials took some small comfort when China attended a summit in Jeddah, Saudi Arabia, last weekend. The only downside is how it makes others think about China.”It’s no secret that China’s relationship with Europe has become tetchy. Multiple officials explained to CNN that the relationship with China is in a sort of stasis that tries to balance what Europe needs versus what Europe wants. Europe still imports vastly more from China than it exports, a reflection of the level of dependency it has on China. In 2023, European officials know that China represents a major security concern and that becoming overly dependent on China is a risk.

Persons: it’s, Vladimir Putin, “, ”, Wang Yi, Sergey Lavrov, Putin, China’s Xi Jinping, It’s, Russia –, Moscow’s, ” Alicja, €, Ursula von der Leyen, Xi Jinping, Emmanuel Macron, Jacques Witt, they’re, Sam Goodman, Goodman, Charles Parton Organizations: CNN, EU, “, Russia, Saudi Press Agency, Reuters, European Council, Foreign Relations, Europe, Investment, Beijing, European Commission, East, Risks Institute, Putin’s, Huawei Locations: China, Jeddah, Saudi Arabia, Ukraine, Beijing, Russia, Russian, Alaska, Europe, Washington, Brussels, Eurasia, Taiwan, France, Germany, Spain, Guandong, Guangzhou, Reuters Brussels, West, Putin’s Moscow, America

☆ China praises Ukraine talks in Saudi that Russia said were ‘doomed to fail’
▼ + stars: | 2023-08-07 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +4 min

Kremlin officials said Russia had not been invited to the talks but was monitoring them, state media reported. Beijing had steered clear of a previous round of talks in Denmark in June, but has deepened ties with Saudi Arabia in recent years. China scored a diplomatic win in the Middle East earlier this year when it helped broker a landmark normalization deal between Saudi Arabia and Iran. In a statement from the Saudi Press Agency (SPA), Saudi Arabia stressed the importance of “benefiting from views and positive suggestions” made during the meeting. In the meantime, the prospect of direct peace talks between Russia and Ukraine seem as far-fetched as ever, as the grueling war approaches the 18-month mark.

Persons: “, Musaed bin Mohammed Al, Jake Sullivan, Eurasian Affairs Li Hui, Li “, …, ”, Li, Xi Jinping, Vladimir Putin, ” “, Dmytro Kuleba, Russia –, Sergei Ryabkov, Ryabkov Organizations: CNN, Beijing, Reuters, Kremlin, Saudi, Aiba, Eurasian Affairs, Western, China, Russia, Moscow ”, Saudi Press Agency Locations: Ukraine, Saudi Arabia, Russia, China, Jeddah, United States, Beijing, Denmark, Saudi, Moscow, Ukraine’s, Kyiv, ” “ Saudi Arabia, Ukrainian, Riyadh, Iran, OPEC, India

☆ Oil prices surge to 4-month highs after Saudi, Russia output cuts
▼ + stars: | 2023-08-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices surged Monday to their highest since mid-April, following an attack on a key Russian oil export hub and extended production cuts by OPEC kingpin Saudi Arabia and Russia. Over the weekend, Ukraine launched a naval drone attack on Russia's port of Novorossiysk, a critical hub on the Black Sea for Russian oil exports. In addition, the world's top oil exporter Saudi Arabia last Thursday extended its voluntary crude oil output cut of a million barrels per day to the end of September. Saudi Arabia's million barrel per day cut was implemented in July through to August, and the cut "can be extended or extended and deepened," the state-owned Saudi Press Agency said last week. Russia, the world's second largest oil exporter, also pledged Thursday to voluntarily trim oil exports by 300,000 million barrels per day in September.

Persons: Josh Young Organizations: Saudi Press Agency, Bison Locations: Saudi Arabia, Russia, Ukraine, Novorossiysk, Saudi

☆ Saudi Arabia to extend voluntary 1 million barrel per day crude oil production cut into September
▼ + stars: | 2023-08-03 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Heavyweight oil producer Saudi Arabia will extend a 1 million barrel per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday. The 1 million barrel per day cut, which was also implemented in July and August, "can be extended or extended and deepened," SPA said. It adds to 1.66 million barrels per day of other voluntary production declines that some members of the Organization of the Petroleum Exporting Countries are putting in place until the end of 2024. Voluntary cuts fall outside of the production policy agreed by OPEC and its allies, known as OPEC+. Oil prices were little changed shortly after the announcement of Saudi Arabia's voluntary production cut extension.

Organizations: Saudi Press Agency, Saudi, Organization of, Petroleum, OPEC, Brent, International Energy Agency Locations: Saudi Arabia, OPEC, Saudi, Paris

☆ Iran at odds with allied Russia after Moscow backs UAE in island dispute
▼ + stars: | 2023-07-12 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Tehran summoned Russia's ambassador on Wednesday over a Moscow-endorsed statement on three Gulf islands disputed by Iran and the United Arab Emirates. The UAE joins fellow economic Middle East heavyweights Saudi Arabia, Oman, Bahrain, Kuwait and Qatar in the Gulf Cooperation Council. Following a ministerial meeting in Moscow on Monday, Russia and the GCC released a joint statement that urged a diplomatic solution to the territorial dispute. Iranian officials called on Russia to correct its position on the territorial row, according to the state-owned Islamic Republic News Agency. Moscow is not Iran's only key partner to wade into hot waters over the three Gulf islands dispute.

Persons: Russia's, Reem, Abu Musa, Tehran's, Nasser Kanaani Organizations: United, United Arab Emirates, UAE, State, International Co, General Assembly, International Court of Justice, Gulf Cooperation, GCC, United Nations Charter, Saudi Press Agency, of Justice, Islamic, Islamic Republic News Agency, CNBC, Kyiv — Locations: Tehran, Moscow, Iran, United Arab, Abu Musa, Tunb, UAE, Britain, Saudi Arabia, Oman, Bahrain, Kuwait, Qatar, Gulf, Russia, Islamic Republic of Iran, Iranian, Ukraine, Russian, Syria, China, Beijing, United Arab Emirates

☆ Saudi Arabia and Russia to Extend Oil Cuts
▼ + stars: | 2023-07-03 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Saudi Arabia said Monday that it would extend a cut in oil production of 1 million barrels a day that it announced in June through at least August, trying to push up what officials view as stubbornly weak oil prices. The Saudis were joined by Russia, whose deputy prime minister, Alexander Novak, said that Moscow would cut supplies by 500,000 barrels in August. Together, these trims could amount to 1.5 percent of global supplies. Oil prices rose modestly on news of the cuts, with Brent crude, the global benchmark, rising above $76 a barrel before falling back slightly. The latest round of Saudi production cuts began at the start of this month.

Persons: Alexander Novak, Brent, ”, Russia’s, Mr, Novak Organizations: Saudi Press Agency Locations: Saudi Arabia, Russia, Moscow, Saudi

☆ Oil prices: Saudi Arabia and Russia curb oil supply again
▼ + stars: | 2023-07-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Saudi Arabia and Russia announced Monday that they would make additional cuts to oil supply as a global economic slowdown hangs over the outlook for energy demand. Saudi Arabia — the world’s biggest exporter of crude oil — said it would extend a cut of 1 million barrels a day in its oil production at least until the end of August. The cut, which took effect on Saturday, was initially planned to last for the month of July in an attempt to shore up oil prices. The announcements sent prices for Brent crude, the global oil benchmark, up 0.7% to trade at $76 a barrel at 7.15 a.m. Taken together, the cuts will reduce Saudi Arabia’s total oil output to nine million barrels per day.

Persons: Alexander Novak, Brent, — Organizations: London CNN, Reuters, Brent, International Monetary Fund, Organization of, Petroleum, OPEC, Saudi Press Agency, Ministry of Energy, Saudi, P Global Locations: Saudi Arabia, Russia, Moscow, Ukraine, OPEC, Riyadh

☆ Saudi Arabia to slash oil production again as OPEC+ extends supply curbs
▼ + stars: | 2023-06-04 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

“The Kingdom [of Saudi Arabia] will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended,” the state-owned Saudi Press Agency said Sunday. The Saudi statement followed a meeting Sunday in Vienna of the alliance known as OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other smaller producers. At the meeting, Riyadh also agreed to extend a production cut of 500,000 barrels per day — announced in April — through 2024. Other members of OPEC+ would also continue to curb output until the end of next year, Reuters reported. Oil prices surged after the surprise April cut, reaching a peak later that month, but reversed course in subsequent weeks.

Persons: —, Alexander Novak, Saudi Ministry of Energy “, Brent, Energy Prince Abdulaziz bin Salman, Joe Klamar, “, ”, …, ” Prince Abdulaziz bin Salman Organizations: London CNN, Saudi Press Agency, Organization of, Petroleum, Reuters, Saudi Ministry of Energy, OPEC, Federal, Saudi, Energy, Bloomberg, Wall Street Journal Locations: Saudi Arabia, OPEC, Saudi, Vienna, Russia, Riyadh, —, Moscow, Ukraine —, AFP, Qatar, United States, China, Germany, Europe’s

☆ Russia-Ukraine War Zelensky Flying to Japan for G7 Summit, in Search of Military Aid
▼ + stars: | 2023-05-20 | by ( Victoria Kim | Natalia Yermak | ) www.nytimes.com time to read: +4 min

Image A photograph released by Saudi Arabian state media showing President Volodymyr Zelensky of Ukraine addressing the Arab League Summit on Friday. Mr. Biden said he was also prepared to let other countries give F-16s to Ukraine. In Hiroshima, Mr. Zelensky will almost certainly meet one on one with Mr. Biden. In Saudi Arabia, Mr. Zelensky appealed to Arab leaders meeting there not to bend to Russian influence. In his meetings with the leaders, Mr. Zelensky will have a chance to discuss the war with some of his staunchest backers: the U.S., Japan, Germany, Britain, France, Canada and Italy.

☆ Syria's Assad to attend Arab summit, bringing regional isolation to an end
▼ + stars: | 2023-05-19 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +4 min

[1/2] Syria's President Bashar al-Assad arrives to attend the Arab League Summit in Jeddah, Saudi Arabia, May 18, 2023. Assad is expected to address the summit later on Friday, along with other Arab leaders. At an Arab summit hosted by Qatar a decade ago, the Syrian opposition sat in Syria's seat. A bipartisan group of U.S. lawmakers introduced a bill last week intended to bar U.S. recognition of Assad as Syria's president and enhance Washington's ability to impose sanctions. Government forces have used chemical weapons more than two dozen times during Syria's civil war, U.N. war crimes investigators said.

CNN —Saudi Arabia and Syria have resumed the work of diplomatic missions in both countries, according to state media, more than a decade after Riyadh cut ties over the Syrian government’s brutal handling of its civil war. “The Kingdom of Saudi Arabia decided to resume the work of its diplomatic mission in the Syrian Arab Republic,” the state-run Saudi Press Agency reported Tuesday. Damascus also announced the decision to resume work of its diplomatic mission in the Kingdom of Saudi Arabia, according to Syrian state media SANA, citing a statement from an official source at the Ministry of Foreign Affairs. “Based on the deep bonds and common affiliation of the peoples of the Syrian Arab Republic and the Kingdom of Saudi Arabia, and in confirmation of both communities’ wills, and based on the Syrian Arab Republic believe in the importance of strengthening bilateral relations between Arab countries to serve joint Arab action, The Syrian Arab Republic decided to resume the work of its diplomatic mission in the Kingdom of Saudi Arabia,” the statement reads. Officials and analysts have said that Syria’s re-admission into the Arab League, while symbolic, comes with the hope that it could pave the way for President Bashar Al Assad’s rehabilitation internationally, and potentially the removal of crippling sanctions against his regime.

☆ Arab foreign ministers discuss Syria crisis at Saudi meeting
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

[1/3] Saudi Arabia hosts a meeting of foreign ministers from Iraq, Jordan, Egypt and the Gulf Cooperation Council (GCC) countries to discuss Syria's return to the Arab League in Jeddah, Saudi Arabia, April 14, 2023. Saudi Press Agency/Handout via REUTERSCAIRO, April 15 (Reuters) - Gulf Arab foreign ministers and their counterparts from Egypt, Iraq and Jordan discussed Syria's possible return to the Arab fold at a meeting in Saudi Arabia, the Saudi Foreign Ministry said in a statement. The meeting, held in the city of Jeddah, was called by Saudi Arabia, amid a recent thaw in regional tensions, but ended without agreement, the statement said. However, Syria's broader normalisation with the Arab world remains a sensitive issue for several countries. Regional superpower Saudi Arabia, which has long resisted normalisation with Assad, said after a rapprochement with Iran, Syria's key regional ally, a new approach was needed with Damascus.

☆ Saudi Arabia, Syria welcome thaw in ties, agree to fight drug trafficking
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +3 min

[1/3] Deputy Minister of Saudi Foreign Ministry, Waleed El Khereiji meets with Syrian Minister of Foreign Affairs and Expatriates, Faisal Mekdad in Jeddah, Saudi Arabia, April 12, 2023. Saudi Press Agency/Handout via REUTERSRIYADH, April 12 (Reuters) - Saudi Arabia and Syria's foreign ministers on Wednesday welcomed a thaw in bilateral ties, including steps to resume consular services and flights, and agreed to cooperate to fight drug trafficking and facilitate Syria's return to the Arab fold. Assad, with the help of his main allies Iran and Russia, regained control over much of Syria, and Saudi Arabia has said isolating him was not working. Much of it is thought to be sold to buyers in Gulf Arab countries, including Saudi Arabia. Mekdad's trip to Jeddah came two days before Saudi Arabia hosts another meeting of regional foreign ministers that will discuss Syria's return to the Arab League.

☆ Lindsey Graham chatted and smiled with Saudi Arabia's crown prince, who he previously called an 'unhinged' murderer he'd never work with
▼ + stars: | 2023-04-12 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

South Carolina Sen. Lindsey Graham was pictured meeting Saudi Arabia's Mohammed bin Salman. In a tweet Tuesday, Graham said he had just had a "very productive, candid meeting with the Saudi Crown Prince and his senior leadership team. "This guy has got to go," Graham said in a 2018 Fox News interview, and said the crown prince had Khashoggi "murdered." "Saudi Arabia, if you're listening, there are a lot of good people you can choose," Graham said. President Joe Biden had pledged to make the crown prince a "pariah" while seeking election in 2020, but as president has instead chosen to maintain an alliance.

☆ Saudi Arabia takes step to join China-led security bloc, as ties with Beijing strengthen
▼ + stars: | 2023-03-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Arabia's cabinet approved a decision to join a China-led security bloc, strengthening Riyadh's eastern ties in a further step away from U.S. interests. The organization further tallies four observer states — including Iran — and nine dialogue partners, counting in Saudi Arabia, Qatar and Turkey. The White House did not immediately respond to a CNBC request to comment on Saudi Arabia's new dialogue partner status in the SCO. Saudi interests have long been intertwined with those of leading SCO members China and Russia. Beijing is Riyadh's largest trading partner, with bilateral trade worth $87.3 billion in 2021, according to Reuters.

☆ Brent oil prices slip under $72 per barrel amid banking turmoil
▼ + stars: | 2023-03-20 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Brent oil prices logged losses Monday, dropping below $72 per barrel in intraday trade amid turmoil in the banking sector. The Brent contract with May delivery was trading at $71.64 per barrel at 11:00 London time, down by $1.33 per barrel from the Friday close. The front-month April WTI Nymex was at $65.52 per barrel, lower by $1.22 per barrel from the previous settlement. It added that the options market is now intensifying the decline in oil prices through delta-hedging plays. Questions linger over the potential demand boost from a reopening China — the world's largest importer of crude oil, whose buying was reined in for much of last year by Covid-19 restrictions.

☆ Arch-rivals Iran and Saudi Arabia agree to revive ties, reopen embassies in China-brokered deal
▼ + stars: | 2023-03-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

"As a result of the talks, Iran and Saudi Arabia agreed to resume diplomatic relations and re-open embassies ...within two months," Iran's news agency IRNA reported Friday. Saudi Arabia's state Saudi Press Agency confirmed the announcement in its own statement. The Saudi statement profusely thanked Beijing for its leadership in the talks. The Saudi statement also expressed thanks to Riyadh's neighbors Iraq and Oman, which it said had hosted "rounds of dialogue that took place between both sides during the years 2021-2022." Saudi Arabia cut diplomatic ties with Iran in 2016, after Iranian protesters stormed the Saudi embassy in Tehran in response to Saudi authorities executing 47 dissidents, including a leading Shia cleric.

☆ 5 key takeaways from Xi’s trip to Saudi Arabia
▼ + stars: | 2022-12-10 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

Here are five key takeaways from Xi’s visit to Saudi Arabia. Saudi Press Agency//ReutersDuring Xi’s visit, Saudi Arabia and China released a nearly 4,000-word joint statement outlining their alignment on a swathe of political issues, and promising deeper cooperation on scores of others. China is the world’s biggest buyer of oil, with Saudi Arabia being its top supplier. China is also keen to cooperate with Saudi Arabia on security and defense, an important field once reserved for the kingdom’s American ally. Saudi Arabia was, however, keen to reject notions of polarization, deeming it unhelpful.

☆ Saudi Arabia and China will align on everything from security to oil, but agree not to interfere on domestic issues
▼ + stars: | 2022-12-09 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +6 min

Riyadh and Beijing were keen to stress “the importance of stability in the world oil markets,” noting that Saudi Arabia is a reliable exporter of crude oil to its Chinese partner. China also affirmed its “opposition to any actions that would interfere in the internal affairs of the Kingdom of Saudi Arabia,” without adding more details. On Friday, Xi invited Saudi King Salman bin Abdulaziz Al-Saud to visit China, according to Saudi state TV. President Xi was given a warm welcome in Saudi Arabia with ceremonies on Thursday. Saudi Arabia “is pursuing a multipolar strategy of strong strategic ties,” added Shihabi.

☆ China, Saudi Arabia stress importance of oil market stability as Xi visits Riyadh
▼ + stars: | 2022-12-09 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. China and Saudi Arabia stressed the importance of global oil market stability and Riyadh's role in achieving this balance, following a three-day Saudi visit by Chinese President Xi Jinping. China is the world's largest crude oil importer, while Saudi Arabia is the greatest exporter of such resources and chairs the influential OPEC+ producers' alliance. Xi met both King Salman bin Abdul-Aziz Al Saud and his heir, Crown Prince and Saudi Prime Minister Mohammed bin Salman, according to Chinese official news agency Xinhua. The Chinese head of state has extended an invitation for King Salman to visit China "at a mutually convenient time," the statement said.

Search resuls for: "Saudi Press Agency"

25 mentions found