The G20 group, in its annual summit, comes together to promote global financial stability through tackling key challenges. The forum is set to discuss economic growth, monetary regulations, the fight against corruption and many other serious issues confronting the world today.
Coming together in Argentina’s capital, Buenos Aires, world leaders, officials, businessmen and key social figures will also address turbulences that could reshape world trade.
Saudi Arabia, the Middle East’s largest economy and home to oil giant Aramco, is a global player in promoting stability in global energy markets. The kingdom is attending alongside nineteen countries and members from the European Union.
The Saudi economy is worth an estimated 800 billion dollars, ranking 19th worldwide in 2018. Riyadh is expected to announce a record spending budget for 2019 with a whopping seven percent increase, making an important driver of world economies. Mega development projects are underway in Saudi Arabia, all meant to materialize the national vision for transformation, Kingdom Vision 2030.
Saudi Arabia plays a clear role in international efforts to achieve global economic stability and is strongly involved in the formulation of a system endorsing sustained and strong growth that benefits both developed and emerging countries.
Even more importantly, Saudi Arabia has long filled in the role of swing oil producer needed to stabilize world energy markets.
The kingdom is the sole producer capable of filling any supply deficit in energy markets, stepping in whenever another country fails to meet the quota the world oil market demands.
In light of US re-imposed sanctions on Iran, Riyadh is expected to step in to fill any shortfall in supply caused by removing Tehran barrels from markets.
More than two-thirds of the world's economy is dominated by the G20 group which accounts for 80 percent of world trade. Similarly, Saudi Arabia is the world’s biggest oil exporter.
