Staff Reports
Talking about oil trade will help China and Saudi Arabia's ties grow.
For an Arab leaders' gathering, Chinese President Xi Jinping landed in Saudi Arabia on Wednesday night. The United States' foreign policy was put to the test by this summit.
President Xi Jinping just arrived in Riyadh and was warmly welcomed. pic.twitter.com/jw8RoWEKWe
— Hua Chunying 华春莹 (@SpokespersonCHN) December 7, 2022
In Riyadh, Xi came. Prince Faisal bin Farhan al Saud, the foreign minister of Saudi Arabia, and Yasir Al-Rumayyan, the director of the country's sovereign wealth fund, met him there. Xi hadn't been back to the region in four years. He made loans totaling $23 billion at the time in an effort to have Beijing act as the “keeper of peace and stability in the Middle East.”
According to reports, a new plan is being advanced by Russia, Saudi Arabia, and maybe China to exchange oil for gold and national currencies rather than the dollar.
Prior to addressing a sizable meeting of Gulf and Arab leaders on Thursday, Xi will discuss bilateral ties with the Saudi Crown Prince Mohammed and his father King Salman.
As a result of the Ukraine War, the oil price limit, and the strengthening Saudi-Russian connections, there are now tensions between Saudi Arabia and the Biden administration.
The preceding is a summary of an article that originally appeared on Oann.
