Saudi Arabia’s cabinet has approved to delegate a number of ministers to conduct discussions with China in regards to a memorandum of understanding (MoU) to cooperate in the energy sector, in addition to an initial cooperation memorandum in the field of crude storage. Discussions with Japan for an MoU for cooperating in the energy sector were also approved by the cabinet, Reuters reported.
Saudi Arabia, the world’s largest oil exporter, sees Asia as one of its main markets, having sent more crude to the region than any other country over the years, according to Energy Voice.
However, the country is currently competing along with Iran to sustain its position in a number of major markets including Russia and China. The kingdom has responded by pumping and shipping more oil, and with knockdown prices in Asia from state oil giant Saudi Aramco.