G20 Riyadh Summit Recommendations Highlight Women Empowerment

Women record overwhelming participation at G20 meetings chaired by Saudi Arabia (Photo: Mishaal Al-Qadeer)
Women record overwhelming participation at G20 meetings chaired by Saudi Arabia (Photo: Mishaal Al-Qadeer)
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G20 Riyadh Summit Recommendations Highlight Women Empowerment

Women record overwhelming participation at G20 meetings chaired by Saudi Arabia (Photo: Mishaal Al-Qadeer)
Women record overwhelming participation at G20 meetings chaired by Saudi Arabia (Photo: Mishaal Al-Qadeer)

The 2020 G20 Riyadh summit, under Saudi Arabia’s Presidency, has emphasized the importance of bridging the gender inequality gap and the need to empower women as a key enabler for economic recovery.

Leaders of G20 countries, in the forum’s final communique, admitted that women were gravely impacted by the aftermath of the coronavirus pandemic and said that they will spend efforts to ensure the gender inequality gap does not widen.

“As many women have been disproportionately affected by the crisis, we will work to ensure that the pandemic does not widen gender inequalities and 8 Leaders' Declaration G20 Riyadh Summit November 21 - 22, 2020 undermine the progress made in recent decades,” the final statement said.

“Recalling relevant UN declarations, processes, and calls to action to empower women and girls, we reaffirm the importance of women’s and girls’ empowerment as a cross-cutting issue in all aspects of our policies and recognize that women are a key driver of economic growth,” it added.

“We will continue to promote gender equality, as well as combat stereotypes, reduce pay gaps, and address the unequal distribution of unpaid work and care responsibilities between men and women.”

The leaders said they will step up their efforts towards achieving the Brisbane Goal to reduce the gap in labor force participation between men and women by 25 percent by 2025 along with improving the quality of women’s employment.

“We will take steps to remove the barriers to women’s economic participation and entrepreneurship,” the leaders said.

They also welcomed the commencement, under the Saudi Presidency, of the Private Sector Alliance for the Empowerment and Progression of Women’s Economic Representation (EMPOWER) for women’s advancement in leadership positions.

It is worth noting that women’s participation in G20 meetings under Saudi Presidency was the highest recorded with a whopping 33.7% of the total participants.

Women at G20 workshops this year contributed greatly to the most complex economic, social, and civil files. Working in teams and communication groups, women’s presence was essential in organizing more than 100 events.



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.