http://www.straitstimes.com/asia/ea...gree-to-more-oil-cooperation-exports-to-china
Beijing, Saudi Arabia agree to more oil cooperation, exports to China
Chinese President Xi Jinping (right) and Saudi Arabia's King Salman bin Abdulaziz Al Saud attending the closing ceremony of the exhibition of artefacts at China National Museum in Beijing on March 16, 2017.
Chinese President Xi Jinping (right) and Saudi Arabia's King Salman bin Abdulaziz Al Saud attending the closing ceremony of the exhibition of artefacts at China National Museum in Beijing on March 16, 2017. PHOTO: EPA
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5 hours ago
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 global economy ... China appreciates Saudi Arabia being a safe and dependable oil supplier to the world market, and the role it plays in ensuring the stability of the global oil market," it said.
King Salman oversaw the signing of deals worth as much as US$65 billion (S$91 billion) on the first full day of his visit to Beijing on Thursday.
China has traditionally played little role in Middle East conflicts or diplomacy, despite its reliance on the region for oil. However, it has been trying to get more involved in efforts to end Syria's six-year-old civil war, where Riyadh supports rebels battling President Bashar al-Assad.
Last year, China also offered support for Yemen's government, which is backed by a Saudi-led Gulf Arab coalition in a war against the Iranian-aligned Houthi movement that controls much of the country.
China has had to tread a careful line, though, as it also has close relations with Iran. Xi visited both Saudi Arabia and Iran in January last year.
The joint statement said both China and Saudi Arabia stressed their support for Yemen's legal government.
China's renewed diplomatic push with the Middle East continues next week when Israeli Prime Minister Benjamin Netanyahu visits China.
Diplomatic sources say China is trying to play the role of "honest broker" in the Middle East, as it lacks the historical baggage of the Americans or the Europeans.
Chinese and Arabs must join hands to DESTROY GLOBAL Oil Trade Exchange Markets Especially the Futures Trades. That in future oil are SOLD ONLY PRIVATELY by agreements between buyers & sellers represented by the handshake photo above. And for this example it is Arms for Energy deal. No open market prices, NOT ANY ONE CAN BUY, Not Supply & Demand, and NOT EVERYBODY's Money are Same, NOT SAME, NO DEAL, and it is all CONTROLS and 关系 ONLY! So Pee Sai SG52 can never get oil directly nor 1st hand, have to go pay through the nose in black market get 4th hand 5th hand Nth hand ripped off oil - or just die without oil.