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  • Oil drops, Brent crude falls below $100 as China lockdowns spark demand fears

    Oil prices slid Monday, falling to the lowest level since February and building on two straight weeks of declines as lockdowns in China sparked demand fears.

  • Opinion: Biden Needs to Make Up With Saudi Arabia, or China Will Gain

    Saudi resentment has been mounting for a decade. President Obama’s “pivot to Asia” was interpreted here as a signal that the U.S. had higher priorities than protecting the Middle East and global oil supplies. But the serious damage began only when President Biden went on the offensive, labeling Saudi Arabia a “pariah state,” removing Patriot missiles that shield Saudi oil installations from attacks by Iran-backed Houthi rebels, and groveling to revive a nuclear deal with Tehran, an Al Saud nemesis.

  • Saudi Aramco May Hike Oil Price by Record Amount Despite China Risk

    Saudi Arabia, the largest oil exporter, will likely boost pricing of its main crude variety to a record as the impact of Russia’s invasion of Ukraine reverberates through markets more than a month after the assault. Saudi Aramco may raise the official selling price of its key Arab Light crude by $5 a barrel to Asia for May-loading cargoes, according to the median estimate in a Bloomberg survey of five refiners and traders. That would increase the overall differential to $9.95 above the Oman-Dubai benchmark, which would be the widest since Bloomberg began compiling the data in 2000.

  • India is in a sweet spot, courted by the Quad, China and Russia

    As the war enters its fourth week, New Delhi has been receiving a stream of high-profile visitors from major capitals around the world. At one end, this has included delegations from the United States, Australia and Japan, the three nations which are India’s partners in the Quad, officially known as the Quadrilateral Security Dialogue.

  • Aramco Joint Venture to Develop Major Refinery and Petrochemical Complex in China

    Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group, will develop the liquids to chemicals complex. The decision, which is subject to finalization of transaction documentation, regulatory approvals, and closing conditions, follows the establishment of HAPCO in December 2019 between the three partners. The project, which presents an opportunity for Aramco to supply up to 210,000 barrels per day (bpd) of crude oil feedstock to the complex, is expected to be operational in 2024. It will combine a 300,000 bpd refinery capacity and ethylene-based steam cracker, a building block petrochemical used to manufacture thousands of everyday products.

  • China ramps up arms exports to Pakistan, aiming to squeeze India

    Sino-Indian relations have deteriorated since the deadly 2020 border clash in the Himalayas. India also announced a diplomatic boycott of the Beijing Olympics at the last minute after a Chinese soldier who had been involved in the fighting was chosen as a torchbearer.

  • Commentary: Saudi Arabia and China – New best friends?

    This includes a growing military component to the China-Saudi relationship. Between 2016 and 2020, Chinese arms transfers to Saudi Arabia increased 386%, according to the German Institute for International and Security Affairs in a February research paper. First China sold ballistic missiles to the Saudis, then it began to assist them with their production inside Saudi Arabia.

  • Saudi Arabia is China’s top crude supplier again as Russian oil falls 9%

    Saudi Arabia regained the spot as China's top crude supplier in the first two months of 2022, having been leapfrogged by Russia in December, while Russian shipments dropped 9% as a cut in import quotas led independent refiners to scale back purchases.

  • An economist explains why Saudi Arabia and China are looking to ditch the dollar in a new oil deal — and where Beijing could target next as it spreads yuan adoption

    But two things that must happen for China's yuan to establish itself as a reserve currency. First, global faith in the dollar would have to wane. This could happen if the Federal Reserve fails to get inflation under control, or if it veers from its usual predictability, Tomic said. Second, China would have to prove the long-term stability of the yuan to win the trust of other nations. But China devalues its currency occasionally to boost exports, and countries won't want to hold a currency like that, he noted. So Beijing would have to commit to more responsible policy.

  • Saudi Arabia Invites China’s Xi to Visit Kingdom After Ramadan

    The trip is expected to happen after Islam’s holy month of Ramadan, which begins in early April this year, the people said, in what could be Mr. Xi’s first foreign travel since the Covid-19 pandemic began. Riyadh is planning to replicate the warm reception it gave to former President Donald Trump in 2017 when he visited the kingdom on his first trip abroad, one of the people said.