Further development of bilateral cooperation in the political, trade, economic and energy sectors, as well as cooperation within the OPEC Plus group to provide the stability of global oil market were discussed.

Hydrogen would be a key part of the future energy mix, with Saudi ambitions to produce 4 million mt/year of "clean" hydrogen by 2030.

The Netherlands, Poland, Spain, France and Italy have been the top five destinations for Saudi oil in the region this year, all of which have also been regular buyers of Russian crude.

“Türkiye, due to its geographical position, is an energy corridor from Russia, Iran, and Saudi Arabia. Any kind of natural gas or oil that is going to be transported or shipped, will cost less and will be shipped more safely,”

Saudi Arabia previously signed in February 2019 several memorandums of understanding for an investment of US$21bn in various sectors of the Pakistani economy, including for the project of a deep conversion refinery and petrochemical complex with an investment of US$12bn.

Saudi Arabia is China's top crude supplier with most of the country's refineries designed to crack Middle East crudes.

The UAE has expressed support for the statement by the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia regarding reviewing the status of oil markets and reducing production, noting that the decision was collective and based on the vote of OPEC+.

Saudi Arabia would be looking to secure investments in untapped business sectors, including green hydrogen, renewable energy, and information technology.

The agreements cover a range of sectors, including renewable energy, green hydrogen, pharmaceuticals and e-commerce

Prince Abdulaziz bin Salman met Deputy Prime Minister Alexander Novak on Thursday at the St. Petersburg International Economic Forum, a flagship conference that almost all Western officials and business executives are avoiding this year following Russia’s invasion of Ukraine.