Prince Abdulaziz bin Salman, the energy minister for Saudi Arabia, and Zhang Jianhua, the head of China’s National Energy Administration, said on Friday that they will further their cooperation in the energy field.
The officials highlighted the significance of reliable long-term supply to crude oil markets during a teleconference session, according to SPA.
From New Delhi, the Saudi minister emphasized that OPEC+ is doing the right thing to preserve stable and long-lasting oil markets.
Since the OPEC+ group of oil producers, of which Saudi Arabia is the de facto head, decided to reduce output even after the Biden administration attempted to hold off OPEC for a month in anticipation of the U.S. midterm elections, tensions between the United States and Saudi Arabia have increased.
The world’s largest importer of crude oil, China, has stuck to severe COVID limitations this year, which have negatively impacted business and economic activity and decreased demand for fuel.
However, despite there being no official confirmation of the plan, prices rose on Thursday in response to news that Beijing is considering reducing the quarantine time for visitors to seven days.
According to SPA, Prince Abdulaziz and his Chinese counterpart agreed to keep working together to ensure the stability of the oil markets and noted that the Kingdom remained China’s most dependable partner and crude oil supplier.
He had earlier this week discussed enhancing energy cooperation with the commerce minister of Japan, another important client.