G20 will help avoid oil price pain, says Italy

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Brent crude rose to a nearly 10-month high of $125 a barrel on Friday

Brent crude rose to a nearly 10-month high of $125 a barrel on Friday

Oil-producing members of the Group of 20 leading economies said on Saturday they would take measures to avoid a rise in petroleum prices from hurting the world economy, an Italian government official said.

"Oil prices developments are one of the potential risks to the global economy but there is awareness among G20 about this problem," Italy's deputy economy minister Vittorio Grilli told reporters on the sidelines of a meeting of the Group of 20 leading economies.

"Oil-producing countries are aware of this potential risk and they have said they will act in a way to prevent the risk to materialise."

The world's top oil producer, Saudi Arabia, is a member of the G20. Other petroleum exporters in the group include Russia, Canada and Mexico.

Saudi Arabia increased exports sharply in the past week and is offering extra supplies to its biggest customers worldwide in what industry sources said appeared to be a bid to tame runaway crude prices.

Brent crude rose to a nearly 10-month high of $125 a barrel on Friday as financial sanctions on Iran pushed Iranian oil buyers in Europe and Asia to seek supplies from elsewhere. Brent in euros this week hit a record high of more than €93 a barrel.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
New global oil deal could draw lessons from 1998

New global oil deal could draw lessons from 1998

With oil prices touching their lowest level since 2003, OPEC...

No sign Saudi Arabia will ride to oil market rescue

No sign Saudi Arabia will ride to oil market rescue

Gulf kingdom has few options beyond sticking with a strategy...

Does the Saudi IPO signal the end of the age of oil?

Does the Saudi IPO signal the end of the age of oil?

Saudis may want to capitalise on an asset that’s only going to...

Most Discussed
sponsoredTracking