18 Mar '17, 6am

Beijing, Saudi Arabia agree to more oil cooperation, exports to China

BEIJING (REUTERS) - China and Saudi Arabia will increase their cooperation in the oil sector, including in Saudi oil exports to China, the two countries said in a joint communique issued on Saturday (March 18) at the end of Saudi Arabian King Salman's visit to Beijing. The world's largest oil exporter has been looking to cement ties with the world's second-largest economy. After losing market share to Russia last year, Saudi Arabia has sought to boost oil sales to China, the world's second-largest oil market, by working mostly with China's top three state oil firms. "Both countries are willing to raise their level of cooperation in the oil sector, including supplying Saudi oil to the continuously growing Chinese market," the two said in a statement issued by China's official Xinhua news agency. "Both sides stress the importance of stability in world oil markets to the glob...

Full article: http://www.straitstimes.com/asia/east-asia/beijing-saudi-...

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