Saudi Sherpa Discusses Priorities of G20 Meetings in India

The Saudi Sherpa held a workshop with representatives of the participating parties in the G20 meetings. (Asharq Al-Awsat)
The Saudi Sherpa held a workshop with representatives of the participating parties in the G20 meetings. (Asharq Al-Awsat)
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Saudi Sherpa Discusses Priorities of G20 Meetings in India

The Saudi Sherpa held a workshop with representatives of the participating parties in the G20 meetings. (Asharq Al-Awsat)
The Saudi Sherpa held a workshop with representatives of the participating parties in the G20 meetings. (Asharq Al-Awsat)

Saudi officials reviewed the priorities of the G20 for the current year, which include supporting global economic growth in light of geopolitical tensions, strengthening global value chains and flexible logistics services, in addition to a range of issues related to health, energy, food security, education, tourism, the labor market and the digital economy.

These discussions were held during a workshop held by the Saudi Ministry of Finance that brought together the Saudi Sherpa Office and representatives of relevant government agencies.

The workshop provided an overview of the G20 agenda under the Indian Presidency for the year 2023 and discussed Saudi Arabia’s role within the group, in addition to means to maximize the benefits of the initiatives launched by the Kingdom during its presidency of the G20 in 2020.

Participants also discussed the roadmap and the Kingdom’s participation in the group’s meetings leading to the summit of leaders of the G20 countries, which will be held in New Delhi on Sept. 9-10, 2023.

The Sherpa is an envoy representing a head of a government participating in the main agenda prior to the convening of the summits of the leaders of the G20 countries, with the aim of preparing for negotiations that culminate in the agreement on the final statements issued by those summits.

The Group of Twenty (G20) comprises 19 countries, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom and United States, in addition to the European Union.

The G20 members represent around 90 percent of the global GDP, over 80 percent of the global trade, and about two-thirds of the world population.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.