The Saudi economy recorded its biggest increase in new work in more than four years in November according to a report from IHS Markit.

Saudi shipments grew to 8.41 million tonnes, or 1.98 million barrels per day (bpd), compared with 1.74 million bpd in September and 1.12 million bpd in same period last year,

China has been relying heavily on Saudi Arabia and Russia for its refinery feedstock requirements over the recent years, with both producers constantly switching between them the top supplier position to Asia's biggest energy consumer.

Saudi Aramco announced its intention to establish the Jazan Power Joint Venture. The JV will be 46% owned by Air Products, 25% by ACWA Power, 20% by Saudi Aramco and 9% by Air Products Qudra.

The US continues to talk with Saudi Arabia about the kingdom's plans to produce nuclear energy for power generation and is still discussing the possibility of Gulf countries importing US LNG, the outgoing US secretary of energy said on Saturday.

Russian crude producer Lukoil is in talks with Saudi Aramco on potential joint projects outside Russia and Saudi Arabia, including some in Africa, CEO Vagit Alekperov said Wednesday on the sidelines of the Russia-Africa Summit in Sochi.

Saudi Aramco has signed 10 agreements with Russian companies at the Saudi-Russian CEO Forum in Riyadh, as part of the state visit of the Russian President Vladimir Putin.

"We are going to be signing more than 10 new investment agreements between Russia and Saudi Arabia."

“What matters is supply predictability and reliability. We have a business-like approach with our energy partners in Europe and the rest of the world, of a commercial nature with no political reasoning,” Putin added.

"Our system was able to grow and become healthier as we moved along and by September 25, we were able to restore all the capacity we had before the attack," the president and CEO of Aramco Trading Co., Ibrahim al-Buainain, told an industry banquet in Fujairah.