"While OPEC, and above all Saudi Arabia, appeared in November to be obeying US President Trump's repeated demands to increase oil production, his tweets now are more likely to fall on deaf ears," Commerzbank said in a note.
The deal could inject billions of dollars into the PIF, giving it the firepower to proceed with its plans to create jobs and diversify the largest Arab economy beyond oil exports, including a mega business zone in the northwest of the country.
Zhejiang Wuchan Zhongda, a venture between government fund Zhousan Communications Investment Group and Wuchang Zhongda Group, is the first privately owned trading company to receive a crude import license from the ministry.
"As OPEC exports continue to rise, inventories continue to build, which is putting downward pressure on oil prices," analysts at Bernstein Energy said. "A slowdown in the global economy remains the key downside risk to oil."
Financial markets have been hit hard by a range of worries, including the US-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, and economic concerns in Italy.