China's Xi Jinping may visit Saudi Arabia next week with oil likely to top the agenda after Biden fails to secure a big production boost, report says

• Xi Jinping is expected to visit Saudi Arabia next week, according to the Guardian.
• The Chinese leader will likely be received with elaborate ceremonies as relations with Saudi Arabia grow closer.

Chinese President Xi Jinping is expected to visit Saudi Arabia next week, according to the Guardian, with oil likely to be a key topic.

The Chinese leader's visit will feature much more grandeur compared to President's Joe Biden trip there last month, reflecting warmer ties with Beijing in recent years and chiller US ties, the report said.

A visit by Xi to the world's top oil exporter would come amid upheaval in global energy markets following Russia's invasion of Ukraine.

Beijing and Riyadh already maintain strong trade ties, and the two countries even reportedly discussed making oil deals in yuan instead of dollars earlier this year.

But Russia has recently overtaken Saudi Arabia as China's biggest oil supplier. China has been taking advantage of cheaper crude from Russia as sanctions forced Moscow to sell at steep discounts to customers outside of Europe.

In recent weeks, Saudi Arabia has set record-high prices for the crude it sells to Asia, while Russia has regained its pricing power in Asian oil markets.

Meanwhile, Biden concluded his visit to Saudi Arabia last month without a deal for a large production increase that would lower oil prices and ease US inflationary pressures. Instead, OPEC+ announced a minuscule output hike of just 100,000 barrels per day.

Xi is also planning a face-to-face meeting with Biden in November during a visit to Southeast Asia, according to the Wall Street Journal. That would follow a phone call they had ahead of House Speaker Nancy Pelosi's visit to Taiwan last week.