Riyadh, 11 June 2023 (Anadolu News)

Saudi Arabia said Sunday it seeks to benefit from China’s advanced capabilities in renewable energy. “Saudi Arabia does not compete with China in the energy sector,” Saudi Energy Minister Prince Abdulaziz bin Salman told the 10th Arab-China Business Conference, held in the capital Riyadh.

He said Saudi Arabia has a lot to offer in cooperation with China. ''The kingdom’s Vision 2030 is integrated with the Chinese Belt and Road Initiative,'' he stated.

The Saudi minister noted that demand for oil in China is still on the rise. "We have to be part of this growing demand…and to take a share of the petrochemicals market,” he added.

Last week, Saudi Arabia, the world’s largest oil exporter, announced a voluntary reduction in its oil production in July by one million barrels per day, for one month subject to renewal. Likewise, OPEC+ countries announced a reduction in their production by 1.4 million barrels per day in 2024.

The alliance’s production will stabilize at 40.46 million barrels per day.