The top of China’s agenda in energy terms remains the Middle East.
China is looking to forge a “deeper strategic cooperation in a region where U.S. dominance is showing signs of retreat”.The recent Shanghai Cooperation Organization summit saw China enhance its influence with several of the world’s leading players in the oil and gas sector. These included not just the stalwart full SCO members of Russia, Kazakhstan, and India but also new full member, Iran, whose new status in the group was announced at the end of the summit.
Not only is Saudi Arabia now a prime mover in advancing the China-GCC Free Trade Agreement – a key aim of which is to forge a “deeper strategic cooperation in a region where U.S. dominance is showing signs of retreat” – but also the Kingdom is now a prime advocate forin the pricing of global oil and gas.