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‘Transforming for Inclusive Growth’ Prelude to Opening of G20 Business Group Summit

Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
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‘Transforming for Inclusive Growth’ Prelude to Opening of G20 Business Group Summit

Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)

The Kingdom of Saudi Arabia is scheduled to host activities of the G20 business group Summit (B20) in its capital, Riyadh, this week.

This year, the summit will be held under the slogan “Transforming for Inclusive Growth.”

Saudi Arabia has assigned six task-force teams to work on priority fields and a specialized action council to empower women in the fields of work.

Preparations are ongoing to host meetings of the business group, which is a platform for entrepreneurs to present their visions and ideas to leaders at the G20 summit.

The Kingdom will launch this two-day mega event with opening activities in Riyadh on January 15. It officially assumed presidency of the G20 in December 2019 and will preside it until its annual two-day summit, which is scheduled to take place in Riyadh on November 21, 2020.

The Business Group is the official platform for the business community at the G20. It acts as a representative of the private sector, representing the global business community in all member states and all economic sectors.

The group was formed in 2010, to be the first business community working group of the G20.

According to B20 Chair Yousef Abdullah al-Benyan, vice chairman and CEO of SABIC and a member of the Investment Committee, the business group is committed to promoting inclusiveness and working according to a deliberate approach.

He said this would help recommendations achieve a tangible impact on the future needs of various businesses, regardless of their size, whether they are within SMEs or startups, and without geographical boundaries.

The main themes in this year’s B20 meetings include digitization, energy, sustainability, climate, finance, infrastructure, trade and investment, integrity and compliance, and the future of work and education, Benyan explained.

He stressed that this represents a unique opportunity for the business community to share best practices in these areas that are crucial for growth.

“These themes will address priority areas and identify and implement potential solutions to achieve the goals. We can benefit from many examples of how to improve and make business more efficient,” he noted.

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Oil Prices Fall as Demand Concerns Overshadow Libyan Export Halt

FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
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Oil Prices Fall as Demand Concerns Overshadow Libyan Export Halt

FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)
FILE - The drilling rig of the Kingfisher oil field, operated by China National Offshore Oil Corporation (CNOOC), is seen on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda, File)

Brent oil prices fell on Tuesday as sluggish economic growth in China, the world's biggest crude importer, increased worries about demand that overshadowed the impact of the halt of production and exports from Libya.
Brent crude futures were down 17 cents, or 0.2%, to $77.35 a barrel by 0620 GMT, Reuters reported.
West Texas Intermediate crude futures, which did not settle on Monday because of the US Labor Day holiday, were up 50 cents, or 0.7%, at $74.05 a barrel.
"Oil remains under pressure given lingering Chinese demand concerns. Weaker-than-expected PMI data over the weekend would have done little to ease these worries," said Warren Patterson of ING, adding that demand jitters are offsetting the Libyan supply disruptions.
China's purchasing managers' index (PMI) hit a six-month low in August. On Monday, the country reported new export orders in July fell for first time in eight months, and new home prices grew in August at their weakest pace this year.
In Libya, oil exports at major ports were halted on Monday and production curtailed across the country, six engineers told Reuters, continuing a standoff between rival political factions over control of the central bank and oil revenue.
The country's National Oil Corp (NOC) declared force majeure on its El Feel oil field from Sept. 2. Total production had plunged to little more than 591,000 barrels per day (bpd) as of Aug. 28 from nearly 959,000 bpd on Aug. 26, NOC said. Production was at about 1.28 million bpd on July 20, the company said.
Still, some supply is set to return to the market as eight members of the Organization of the Petroleum Exporting Countries (OPEC) and affiliates, known as OPEC+, are scheduled to boost output by 180,000 bpd in October. The plan is likely to go ahead regardless of demand worries, according to industry sources.
OPEC planners may decide that the expected upcoming cuts in US interest rates and the Libyan outage provides space for the addition of more oil, RBC Capital analyst Helima Croft said in a note.
"In our view, a prolonged Libyan outage could support Brent prices" around $85 a barrel, even with additional supply coming onto the market in the fourth quarter, she said.