Free Trial

Saudi and China Announce Further Energy Co-operation Intent

OIL

Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy of the Kingdom of Saudi Arabia, held an online meeting with Zhang Jianhua, National Energy Administrator of the People’s Republic of China according to Saudi news reports.

  • •Both sides confirmed that they would strengthen the bilateral relationship between the two countries in the field of energy.
  • •The reports lack specific details of what the co-operation would involve. Saudi flows to China have been muscled out by cheap Russian Urals this year but greater market opportunities are expected to develop when China emerges from strict lockdowns that have slammed product demand this year.
  • •A return in Chinese demand is one of the key global highlights holding optimism aloft for oil markets against a backdrop of high inflation environments and recessionary conditions.
  • •Crude markets have reversed a bit of downward pressure this morning, returning to flat levels.
  • •Brent DEC 22 unchanged at 92.38$/bbl
  • •WTI DEC 22 down -0.1% at 84.42$/bbl

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.