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: 17.07.2026 Expectation: 500 pips
Buying Brent crude with $80 target
10 July 2026 46
Period: 31.08.2026 Expectation: 600 pips
Invest in AUDCAD up to 0.9900
10 July 2026 29
Period: 17.07.2026 Expectation: 745 pips
USDCAD keeps its downside potential on fading upward move
10 July 2026 23
Period: 10.08.2026 Expectation: 4000 pips
Selling GBPUSD on weak UK economy
10 July 2026 17
Period: 18.07.2026 Expectation: 725 pips
AUDCAD sets sights higher as new uptrend takes shape
10 July 2026 22
Period: 09.08.2026 Expectation: 250 pips
Selling ETHUSD down to $1,500
09 July 2026 56
Go to forecasts