The Saudi Central Bank withdrew from the mBridge project in May 2025 after completing a proof of concept. The project had previously been seen as a potential pathway for Saudi Arabia to promote oil trade with reduced reliance on the U.S. dollar. Despite its withdrawal, some media outlets continued to list Saudi Arabia as a participant as late as August 2026.
On September 17, Reuters cited sources reporting that, at the request of Saudi Arabia, China privately asked Iran to use its influence to restrain Yemen's Houthi armed forces to prevent their military operations from threatening the Red Sea energy transportation corridor. Iran responded that regional stability depends on US and Israeli policies, and it remains unclear whether Iran will take action.
On September 15, a fire broke out near the YASREF refinery in the Yanbu Industrial City of Saudi Arabia, and personnel were evacuated, suspected of being attacked by Houthi forces. The plant is a joint venture between Saudi Aramco and Sinopec, making it China's largest investment project in Saudi Arabia and a landmark project for Belt and Road energy cooperation. Officials have not yet confirmed the details of the attack.
The Chinese Communist Party (CCP) Foreign Ministry, when asked by reporters whether Xi Jinping would attend the BRICS meeting around September 12, responded, “We will speak when there is news, it is not convenient to answer,” implying that Xi Jinping may not travel to India.
Qatar's prime minister met Chinese Foreign Minister Wang Yi in Beijing and stated that it will overcome difficulties to prioritize securing China's energy supply. Program analysis believes this reflects the difficulties the Chinese Communist Party faces in energy supply, rather than obstacles for Qatar in oil exports. Qatar's move is seen as a statement that is more 'useful' than Egypt's in times of crisis.