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: 14.11.2026 Expectation: 3500 pips
Sell Bitcoin with $75,000 in view
30 October 2026 24
Period: 14.11.2026 Expectation: 150 pips
Go short on SPX down to $7,500
30 October 2026 38
Brent sell
Period: 29.11.2026 Expectation: 450 pips
Brent crude sell-off targets $105
29 October 2026 34
Period: 12.11.2026 Expectation: 28000 pips
Go long on NVIDIA stock up to $243
29 October 2026 36
Period: 28.11.2026 Expectation: 130 pips
Invest in SPX with 7,850 in view
28 October 2026 49
Period: 28.11.2026 Expectation: 4200 pips
Selling EURUSD down to 1.07000
28 October 2026 63
Go to forecasts