Saudi Aramco’s chief executive has praised China’s contribution to helping the west hit its net zero targets as the world’s largest oil producer strengthens commercial ties with Beijing.

Speaking at World Energy Congress on Monday, Amin Nasser defended China against the accusations that it was “dumping” cheap solar panels and electric vehicles on Europe. ⠀󠀶󠀶

As the west tries to reduce its oil consumption, Saudi Aramco has turned to China and other markets for growth. ⠀ 󠀶󠀶

China is the biggest market for Saudi crude and increasingly important for Aramco’s ambitions to convert 4mn barrels a day of its oil production — approximately 40 per cent of its current output — into petrochemicals by 2035. ⠀ 󠀶󠀶

Nasser said that western policymakers were misjudging the future energy consumption of developing countries as they drew up climate targets.

“A lot of the policymakers do not understand what is required and how [energy transition] is going to happen,” he said. “Eighty per cent of the consumption of hydrocarbons [oil and gas] by 2050 is going to be in the Global South. Today it is 40 per cent in the Global North and 60 per cent in the Global South. So that is huge growth in the Global South,” he said.

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