C20 Group Submits Final Statement to G20 Summit

Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
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C20 Group Submits Final Statement to G20 Summit

Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)

Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi received the closing statement of the civil society engagement group for the G20 countries on behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz.

The C20 group wrapped up on Saturday the work of this year's civil society summit chaired by Saudi Arabia, which was held virtually during the past four days, with the presence of more than 20,000 participants from 109 countries around the world.

The summit’s agenda had 65 discussion sessions and workshops, in which the more than 380 speakers included representatives of the governments of twenty countries, international civil society organizations, and specialized international organizations, as well as experts and decision-makers.

Prince Abdul Aziz bin Salman, the minister of energy, participated in a special dialogue on the future of green energy.

A number of representatives of the Saudi presidency of the G20 countries also took part in the summit, including Fahd Al-Mubarak, minister of state.

"We won’t be part of the problem, nor part of the solution. Our goal is to be pioneering in finding solutions," Prince Abdul Aziz bin Salman said.

He affirmed that the Kingdom has been tirelessly pushing towards an international commitment to endorse the Circular Carbon Economy in efforts for a sustainable and clean environment.



Oil Up, Heads for 4th Weekly gain as US Sanctions Hit Supply

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Up, Heads for 4th Weekly gain as US Sanctions Hit Supply

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices rose on Friday and headed towards a fourth consecutive weekly gain as the latest US sanctions on Russian energy trade hit supply and pushed up spot trade prices and shipping rates.
Brent crude futures rose 44 cents, or 0.5%, to $81.73 per barrel by 0443 GMT, US West Texas Intermediate crude futures were up 62 cents, or 0.8%, to $79.3 a barrel.
Brent and WTI have gained 2.5% and 3.6% so far this week.
"Supply concerns from US sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential US interest rate cuts, are bolstering the crude market," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
"The anticipated increase in kerosene demand due to cold weather in the US is another supportive factor," he added.
The Biden administration last Friday announced widening sanctions targeting Russian oil producers and tankers, followed by more measures against Russia's military-industrial base and sanctions-evasion efforts.
Moscow's top customers China and India are now scouring the globe for replacement barrels, driving a surge in shipping rates.
Investors are also anxiously waiting to see any possible more supply disruptions as Donald Trump takes office next Monday.
"Mounting supply risks continue to provide broad support to oil prices," ING analysts wrote in a research note, adding the incoming Donald Trump administration is expected to take a tough stance on Iran and Venezuela, the two main suppliers of crude oil.
Better demand expectations also lent some support to the oil market with renewed hopes of interest rate cuts by the US Federal Reserve after data showed easing inflation in the world's biggest economy.
Inflation is likely to continue to ease and possibly allow the US central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday.
Meanwhile, China's economic data on Friday showed higher-than-expected economic growth for the fourth quarter and for the full year 2024, as a flurry of stimulus measures came into effect.
However, China's oil refinery throughput in 2024 fell for the first time in more than two decades barring the pandemic-hit year of 2022, government data showed on Friday, as plants pruned output in response to stagnant fuel demand and depressed margins.
Also weighing on the market was that Yemen's maritime security officials said the Houthi militia is expected to announce a halt in its attacks on ships in the Red Sea, after a ceasefire deal in the war in Gaza between Israel and the Palestinian group Hamas.
The attacks have disrupted global shipping, forcing firms to make longer and more expensive journeys around southern Africa for more than a year.