China's Silence on Houthi Conflict Exposes Limits of Saudi 'Oil Friendship'

The recent conflict in the Red Sea has exposed the limitations of Saudi Arabia's 'oil friendship' with China. Despite Riyadh and Washington expecting Beijing to leverage its economic weight to pressure Iran into reining in the Houthis, China did not take concrete steps to do so.

This lack of action is consistent with China's long-standing principle of non-interference in regional affairs. By refusing to pressure its partners, Beijing implicitly expects the same in return, and has maintained this approach even in the face of US aggression.

The consequences for Saudi Arabia have been significant, with exports dropping to historic lows and prices surging as a result of China's reduced imports from Saudi Arabia. In contrast, Russian oil exports to China have increased, reaching 29% in June.

This shift highlights the changing dynamics in China's West Asia policy, which appears to be driven by a desire for strategic stockpiling rather than direct involvement in regional security.