Following the recent Islamic kingdom’s dispute with the United States, officials of Saudi Arabia and China announced Friday the two countries would increase their energy partnership.
According to a report by Reuters, Saudi Arabian Minister of Energy Abdul Aziz bin Salman and Chinese National Energy Administration Director Zhang Jianhua stated both nations are dedicated to stable long-term crude oil reserves, of which China is the world’s biggest importer.
China and Saudi Arabia are now ready to cooperate to maintain oil market stability.
Significant statement, arguably the most important one in energy terms in five decades.
— The Sirius Report (@thesiriusreport) October 21, 2022
A “Pariah”
Tensions between the United States and Saudi Arabia, an important economic ally in the Middle East, have been disturbed since President Biden referred to the country as a “pariah” during the 2020 election cycle.
This came in reaction to the killing of Washington Post reporter Jamal Khashoggi in 2018. Khashoggi had been critical of Saudi rulers. Since then, Democratic politicians have challenged the continued viability of the United States’ partnership with the nation.
Along with other OPEC members, Saudi Arabia recently restricted global petroleum output, resulting in a worldwide increase in oil prices.
The Saudi administration later disclosed in a statement that Biden urged the production cut be delayed until after the approaching midterm elections.
During his visit to Saudi Arabia three months ago, President Biden emphasized the need to “secure enough supplies” of energy in order to “meet global demands.”
Although he did not expressly discuss oil supply, many believed the major motive for the visit was to encourage more output in reaction to rising gas costs in the United States.
According to a story from The Washington Post, Saudi Arabia has also begun to hire retired American generals as paid advisors. China also employed scores of former British military helicopters to teach its air force personnel.
Oil Leases
In the meantime, the Biden administration has received criticism for halting Keystone XL pipeline developments and federal oil leases.
Biden allegedly began planning to loosen sanctions against Venezuela earlier in the month so that Chevron, an American oil giant, could resume operations in the socialist nation.
In addition to other corporate leaders, JPMorgan Chase CEO Jamie Dimon criticized President Joe Biden for “bowing down” to Saudi Arabia and Venezuela, instead of boosting domestic production.
Biden, today: "My administration has not stopped or slowed oil production."
Biden, 2020: “No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill. Period.”pic.twitter.com/e1usgfbVEU
— RNC Research (@RNCResearch) October 19, 2022
According to figures from AAA, the national average cost of gas is currently $3.82 per gallon, a roughly 61% rise since Biden began office at the start of last year.
The White House said before the end of the year, 15 million barrels of oil would be released from the National Petroleum Reserve, ending the administration’s prior pledge to release 180 million barrels.
According to a recent survey conducted by ABC News and The Washington Post, 84% of voters ready to cast ballots in the midterm elections perceive the economy and inflation to be important problems.
While the Biden presidency stressed a shift to renewable energy, Chinese government leaders signaled a readiness to enhance energy output using carbon-based fuels, notwithstanding current geopolitical tensions.
Sichuan Coal Industry Association almost tripled its coal production in response to a reduction in hydroelectricity production in the region of Sichuan, which accounts for 21% of the nation’s hydropower.
This article appeared in NewsHouse and has been published here with permission.
