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)
TT
20

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 Prices Steady as Expected OPEC+ Output Increase Offsets Canada Supply Pressure

FILE PHOTO: A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. REUTERS/Essam Al-Sudani/File Photo
TT
20

Oil Prices Steady as Expected OPEC+ Output Increase Offsets Canada Supply Pressure

FILE PHOTO: A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. REUTERS/Essam Al-Sudani/File Photo

Oil prices held steady on Wednesday as concern around the OPEC+ groups next output increase were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger.

Brent crude futures inched 18 cents lower, or down around 0.3%, at $65.45 a barrel by 0905 GMT, while US West Texas Intermediate crude was 19 cents lower, also down 0.3%, at $63.22 a barrel.

The unwinding of 411,000 barrels per day (bpd) in July by OPEC+ states was weighing on the market, Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy said, but there was some support from the removal of Canada's 344,000 bpd production due to the wildfires.

Both benchmarks climbed about 2% on Tuesday to a two-week high, driven by worries over supply disruption and expectations that Iran would reject a US nuclear deal proposal key to easing sanctions on the major oil producer, Reuters reported.

"Geopolitical tensions are simmering in the background, with risks to fundamentals skewed to the upside, as Russian and Iranian oil exports remain elevated," Barclays analyst Amarpreet Singh said in a research note late on Tuesday.

US President Donald Trump and Chinese leader Xi Jinping are likely to speak this week, days after Trump accused China of violating a deal to roll back tariffs and trade curbs.

On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the US economy.