Saudi Ranks 2nd in Providing G20 Research Corpus

Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
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Saudi Ranks 2nd in Providing G20 Research Corpus

Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat

The Think 20 summit (T20), which provides the intellectual backbone of the Group of Twenty international forum (G20), on Saturday revealed that Saudi Arabia ranked second in terms of countries which provided the largest corpus of research, paperwork and proposals at the G20.

Saudi Arabia convened the first day of the T20 on Saturday, with panelists and speakers calling for nations to work together around the world to help solve the unprecedented crisis caused by the coronavirus pandemic.

In his remarks on the T20 sidelines, Prince Turki al-Faisal, chairman of the board of the King Faisal Center for Research and Islamic Studies, confirmed that Saudi Arabia achieved second place with the quality and quantity of research it presented to G20 leaders this year.

He said that the Kingdom’s high ranking proves the ability of Saudi nationals, both male and female, to offer humanity ideas that service everyone.

Prince Turki stressed that G20 and T20 works were carried out under unprecedented challenges brought about by the coronavirus pandemic. He, however, said that the T20 summit alongside other G20 forums, held under Saudi presidency, have been a success.

More so, Prince Turki highlighted that the T20 summit was attended by more than 60 countries and over 150 global think tanks.

Fahad Alturki, the vice president of research at King Abdullah Petroleum Studies and Research Center (KAPSARC), and chair of T20, noted that it was a first for Saudi Arabia to rank second internationally in providing research for the G20.

Alturki said that the participation of local and gulf centers reflected the region’s vision.

Recommendations in the T20 communiqué will be presented on the final day of the meeting on Sunday. The document comprises of 32 policy proposals across seven categories for consideration by G20 leaders.

It will also be presented before the G20 leaders’ summit on Nov. 21-22.



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.