Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum.
Key points:
- Saudi Arabia is the largest supplier of oil to China
- It beat Russia to keep its ranking as China’s top crude supplier in 2020
- Aramco says it is working with Chinese universities and companies on cleaner engine fuel systems
Saudi Arabia, the world’s biggest oil exporter, retained its position as China’s top supplier in the first two months this year, with volumes up 2.1 per cent to 1.86 million barrels per day, China customs data showed.
The kingdom beat Russia to keep its ranking as China’s top crude supplier in 2020 despite unprecedented production cuts in a pact between the Organization of the Petroleum Exporting Countries and its allies to balance global markets after demand plunged during the COVID-19 pandemic.
“Ensuring the continuing security of China’s energy needs remains our highest priority … not just for the next five years but for the next 50 and beyond,” Mr Nasser said in a video speech.