Politics & News

Chinese President visits Saudi Arabia to participate in 3 summits

The official Saudi Press Agency, “SPA”, reported that Chinese President Xi Jinping will begin today on Wednesday, an official visit to the Kingdom that will last for two days, in which he will participate in 3 summits.


“At the gracious invitation of the Custodian of the Two Holy Mosques, His Excellency the President of the People’s Republic of China will pay an official visit to the Kingdom from December 7 to 9, 2022,” SPA said on its official Twitter account.


It added that during this visit, a Saudi-Chinese summit will be held, chaired by the Custodian of the Two Holy Mosques, His Excellency the President of the People’s Republic of China, and with the participation of His Highness the Crown Prince.


The visit program will include the Chinese President’s attendance at the “Riyadh-Gulf-Chinese Summit for Cooperation and Development” and the “Riyadh-Chinese Arab Summit for Cooperation and Development”, with the participation of leaders of the Gulf and Arab countries.


China’s imports of Russian oil rose 22 percent in September on an annual basis. However, they remained slightly lower than Saudi imports. This is because independent refineries bought Russian fuel at a lower price in the face of weak domestic refining margins.


Data from China’s General Administration of Customs showed on Monday that supplies from Russia, including oil pumped through the East Siberia-Pacific pipeline and cargo transported by sea from Russia’s ports in Europe and the Far East, amounted to 7.46 million tons.


The amount, which is equivalent to 1.82 million barrels per day, is down from 1.96 million barrels in August. This compares with a record high of nearly 2 million BPD in May.


Imports from Saudi Arabia, China’s largest supplier, came to 7.53 million tonnes, or 1.83 million BPD, down from 1.99 million BPD in August and down 5.4 percent year-on-year.


The data showed that the sharp increase in purchases from Russia, with China’s total imports of crude oil declining by 2 percent year on year, continued pressure on competitive supplies from Angola, which fell by 36 percent year on year.


In the first nine months, Saudi Arabia ranked first with a total supply of 65.84 million tons, down 1 percent year on year. Russian supplies increased by about nine percent to 64.26 million tons, coming in second place.


The customs data also showed that imports from Malaysia, which has often been used as a diversion point in the past two years for oil from Iran, Venezuela, and, more recently, Russia, more than doubled to a historic high of 4.05 million tonnes. This surpassed the previous record set in August of 3.37 million tons.


China also imported about 795,000 tons of US crude oil in September and did not import any amount of it in August.


No imports were recorded from Venezuela or Iran.

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