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Saudi FM: G20 'Ready to Intervene with Necessary Policies' over Coronavirus

Saudi Finance Minister Mohammed al-Jadaan speaks at the meeting of G20 finance ministers and central bank heads. SPA
Saudi Finance Minister Mohammed al-Jadaan speaks at the meeting of G20 finance ministers and central bank heads. SPA
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Saudi FM: G20 'Ready to Intervene with Necessary Policies' over Coronavirus

Saudi Finance Minister Mohammed al-Jadaan speaks at the meeting of G20 finance ministers and central bank heads. SPA
Saudi Finance Minister Mohammed al-Jadaan speaks at the meeting of G20 finance ministers and central bank heads. SPA

Finance leaders of the world's top 20 economies have agreed to continue monitoring the risks of the coronavirus outbreak, Saudi Finance Minister Mohammed al-Jadaan said Sunday.

"We have discussed the outbreak of coronavirus in China and other countries and all the G20 countries agreed collectively on being ready to intervene with necessary policies," Saudi Finance Minister Mohammed al-Jadaan told a news conference.

The Group of 20 (G20) finance ministers and central bank heads faced a sober presentation by the International Monetary Fund (IMF), which predicted the epidemic would shave 0.1 percentage points off global growth.

"Global growth is expected to pick up modestly in 2020 and 2021. The recovery is supported by the continuation of accommodative financial conditions and some signs of easing trade tensions," the communique from the financial leaders, who met in Riyadh, said.

In his press conference, Jadaan said that Saudi Arabia continues to support Lebanon and its people, and that it is following its developments.

The Saudi Finance Minister said that the Kingdom is in contact with other countries to coordinate any possible support to Lebanon based on the economic reforms that Beirut should implement.

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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.