Saudi Aramco signed a Memorandum of Understanding (“MoU”) with China’s Zhejiang Free Trade Zone, in which the Zhoushan Government emphasized its support for incentivizing Saudi Aramco’s greater investment in Zhejiang’s future downstream growth.

Saudi Aramco, the world’s most profitable company, is trying to break into the fledgling market for liquefied natural gas trading. To do so, the state-owned company is tapping its decades-old network of oil-trading contacts, selling its first two cargoes to longstanding crude customers in South Korea and India.

“OPEC can no longer ignore Russia because of its importance as an oil exporter and its economy,” said Elina Ribakova, deputy chief economist at the Institute of International Finance in Washington. “The Russians will continue doing just enough to engage with the Saudis on oil production.”

Saudi Arabia's officials unveiled plans to invest $100 billion in India, with the bulk of the funds going toward the infrastructure and energy sectors.

Brent crude futures were at $57.80 a barrel by 0854 GMT, up 42 cents from their previous settlement. West Texas Intermediate (WTI) futures were at $52.80 per barrel, up 26 cents.

Saudi Aramco will cut customer allocations across all regions by a total of 700,000 barrels a day next month,

Saudi Arabia is sending an ever-larger portion of its crude to China - with the US losing out.

Russian and Saudi Arabian companies are considering expanding existing energy cooperation to include new joint oil and gas, petchems and nuclear projects,

Saudi Arabia's real non-oil growth is expected to strengthen to 2.9 percent in 2019 as government spending and confidence increase, but real GDP growth is projected to slow to 1.9 percent as real oil growth slows to 0.7 percent with the implementation of the OPEC+ agreement.

The Alfanar Group, one of Saudi Arabia’s largest industrial conglomerates, has announced that it will set up a renewable energy office in the UK, through its subsidiary ‘Alfanar Energy UK Ltd.’ The new subsidiary will be headquartered in London, tapping into the UK’s highly skilled workforce and creating up to 30 jobs.