G20 Calls for Int’l Coordination to Control Virus Outbreak

G20 Calls for Int’l Coordination to Control Virus Outbreak
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G20 Calls for Int’l Coordination to Control Virus Outbreak

G20 Calls for Int’l Coordination to Control Virus Outbreak

The representatives of the G20 leaders have discussed the coronavirus outbreak and its impact on people and the global economy during the second Sherpa meeting in Khobar, Saudi Arabia, this week.

“This pandemic calls for a robust international response. G20 countries will enhance cooperation and coordination to control the outbreak, protect people, mitigate the economic impact, and maintain economic stability, while avoiding stigmatization,” they said in a statement.

“The protection of human lives is of paramount importance. G20 countries support and work closely with the World Health Organization (WHO) to monitor the outbreak, share relevant information, encourage preventive measures, early case detection, and clinical care,” they said.

The conferees underscored the importance of close cooperation between international organizations, urging them to report regularly to the G20 on their actions and assessment of needs.

“We will step up support for the development of early warning systems, appropriate treatments, and vaccines. Fighting the disease at home is our primary concern,” said the statement.

The Sherpa meeting also pledged to strengthen capacity building and technical assistance between G20 states and to developing countries that have weaker health systems and more vulnerable populations.

In their recent statement, G20 Finance Ministers and Central Bank Governors agreed to use all available policy tools, including fiscal and monetary measures as appropriate.

“We invite our finance officials to continue their ongoing work with international organizations to respond to the economic impact of COVID-19,” said the Sherpa statement.

It expressed confidence that “working closely together, we will overcome the COVID-19 outbreak and its implications, safeguard human lives, and protect the global economy.”



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.