China and Saudi Arabia reaffirmed the importance of the stability of the world oil market and Riyadh’s role in maintaining it, according to a joint statement issued on Friday during Chinese President Xi Jinping’s visit to the Kingdom, the world’s largest crude oil exporter.

OPEC+ heavyweight Saudi Arabia is the main supplier of China, the world’s biggest energy consumer, and both sides pledged in bilateral talks on Thursday to greater trade and economic cooperation as they seek to deepen their relations.

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

“The People’s Republic of China welcomed the kingdom’s role as a promoter of balance and stability in world oil markets and as one of the main exporters of crude oil to China,” the joint statement carried by Saudi state media said.

Both sides will explore common investment opportunities in petrochemicals, strengthen cooperation in renewable energy, including nuclear, and develop energy supply chain, efficiency and advanced technology projects.

Saudi Aramco and China’s Shandong Energy have signed a memorandum of understanding that includes a potential deal on oil supplies and chemicals, Aramco said. He added that both firms are exploring collaboration on integrated refining and petrochemicals in China.

The joint statement on Friday addressed improving the kingdom’s status as a regional hub for Chinese companies in the production and export of energy sector products. The possibility of making joint investments in energy projects in the region and in “energy-consuming countries of Europe and Africa” ​​was also raised.

Saudi Crown Prince Mohammed bin Salman has launched an ambitious economic development program that includes building local capacities in various sectors and creating new industries to reduce dependence on oil revenues.

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