The Fears of the West, China and Saudi Oil

An economic expert said that if China becomes a country using cars at the same rate of Western countries, it would need to consume the total annual Middle East oil production.

A World Bank report urged China to change its current growth pattern since it would lead to daily and disastrous environmental threats because of the coal consumption in its economic production.

Undeniably, the visit of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, to China and India is of paramount importance. The Kingdom of Saudi Arabia stores the biggest oil reserves in the world and is the primary source of oil to China, which imports 17 per cent of its needs from the Kingdom. China is looking for a political partner that would contribute to providing its oil needs.

At the same time, oil prices have risen to levels that were described by the Saudi King as “higher than they should be”. Prices have surpassed $68/b in Nymex (New York Mercantile Exchange).

Dar Al Hayat