7 December 2022 | Other

Xi Jinping in Saudi Arabia as Middle East looks beyond US

Saudi Arabia backed down on calls from US President Joe Biden two months ago to increase oil production. Today, the country is hosting Chinese President Xi Jinping.

The Chinese leader, who will be in the kingdom for several days, plans to attend a regional summit with the participation of Crown Prince Mohammed bin Salman and leaders of other Gulf countries. This was reported by the Saudi news agency on Tuesday. In addition, $30 billion worth of agreements are expected to be signed. According to some reports, the central place at the meeting will be occupied by deals in the fields of energy and infrastructure.

According to Ali Shihabi, a Saudi political scientist and member of the advisory council for the kingdom's Neom megaproject, cooperation between China and Saudi Arabia could become even stronger in the wake of this visit. This causes certain concerns on the part of the United States, which has no power to affect the strong relations between the two states.

Company MarketCheese
Period: 19.12.2025 Expectation: 550 pips
AUDCAD trapped in consolidation zone
Yesterday at 10:09 AM 22
Period: 19.12.2025 Expectation: 600 pips
GBPUSD sees 1.345 level as next target
Yesterday at 09:07 AM 33
Period: 31.12.2025 Expectation: 75 pips
Accumulate Brent crude to cover price gaps
Yesterday at 07:01 AM 29
Period: 19.12.2025 Expectation: 140 pips
Brent crude gains as oil supply surplus beats record in 2026
Yesterday at 06:17 AM 12
Period: 31.12.2025 Expectation: 26000 pips
Bright outlook for crypto market pushes ETHUSD higher
Yesterday at 04:51 AM 38
Gold buy
Period: 31.12.2025 Expectation: 800 pips
Buying gold from $4,230 support
Yesterday at 04:51 AM 50
Go to forecasts