China’s Huajin Aramco Project Receives First Arabian Crude Shipment
Saudi Arabia is preparing to increase oil shipments to China in 2024 to meet growing demand from new refineries that will come online next year, according to S&P Global Commodity Insights. China is hosting an investment conference focusing on Saudi Arabia on Tuesday, coinciding with a visit to Beijing by Saudi Arabia's Investment Minister Khalid Al-Falih, and Chinese Premier Li Qiang will visit Saudi Arabia and the United Arab Emirates this week, Beijing's foreign ministry said.
Why it matters: The overlap of planned crude supply increases, a Saudi-focused investment conference and a Chinese premier's Gulf tour places energy and investment ties between China and Saudi Arabia within the briefing's geoeconomics theme.