The milestone summit is set to involve face-to-face exchanges between Chinese and Arab leaders with the possibility of attendance by President Xi Jinping.
Oil prices have dropped by around $1 a barrel as Covid19 weakens demand from China, and the US dollar rebounds.
Nicolas Maduro is being increasingly wooed by European countries which are facing a massive energy crisis following the Russian offensive in Ukraine.
Analysts warn a recession looms in the West from inflation and subsequent interest rate hikes, as well as food and oil supplies being affected by Russia-Ukraine conflict.
Islamabad says it stands with Riyadh "in the wake of statements made against the kingdom", and hails the oil cartel's decision to cut production by two million barrels a day.
Oil prices are expected to remain volatile as production cuts by OPEC+ will tighten supplies ahead of the EU embargo on Russian oil, while a strong US dollar and further interest rate increases from the Fed limit price gains.
The energy ministry in Oman says that the decision by OPEC to cut oil production by 2 million barrels per day was necessary to reassure the market and stabilise it.
The two leaders discussed energy markets, food security, the situation in Libya, Syria and the Iran nuclear talks.
Decision of OPEC+ to cut its oil production target by two million barrels per day was "purely economic" and adopted through consensus, says Saudi Foreign Ministry, after Washington vowed "consequences" for US-Saudi ties.
The US dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve.
Israel has given London-listed drilling company Energean the green light to start testing gas pumping in the Karish gas field disputed with Lebanon, despite threats made by Hezbollah.
The oil-exporting cartel cut production by a larger-than-expected 2 million barrels per day starting in November.
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