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Saudi Arabia Calls for G20 Summit to Combat Coronavirus

People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia, March 16, 2020. (Reuters)
People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia, March 16, 2020. (Reuters)
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Saudi Arabia Calls for G20 Summit to Combat Coronavirus

People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia, March 16, 2020. (Reuters)
People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia, March 16, 2020. (Reuters)

Saudi Arabia called on Tuesday for holding an extraordinary virtual meeting for the leaders of the G20 to combat the new coronavirus pandemic.

Saudi Arabia, which chairs the Group of 20 major economies, said next week’s summit aims “to put forward a coordinated set of policies to protect people and safeguard the global economy.”

The Kingdom said it was in constant contact with the G20 members to hold the meeting, stressing that the global health crisis and its consequent humanitarian, economic and social impact demand a global response.

The G20 will work with international agencies in order to ease the impact of the pandemic, it added.

The coronavirus has infected 171 people in Saudi Arabia as of Tuesday.

Gulf states have registered more than 1,000 infections, many linked to travel to neighboring Iran, which is an epicenter for the outbreak in the Middle East.

The virus has infected more than 187,000 people, while the death toll was more than 7,400. There have now been more cases and deaths outside mainland China, where the virus emerged, than inside.

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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.