Indonesia keen to learn from Saudi G20 presidency

Indonesia supports the initiative by the Saudi presidency to support existing efforts to prevent land degradation and habitat loss. (Shutterstock)
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Updated 09 November 2020
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Indonesia keen to learn from Saudi G20 presidency

  • The Kingdom did not let the pandemic become an unfortunate moment, says envoy

RIYADH: With the whole world experiencing a swift digital transformation amid the coronavirus disease (COVID-19) pandemic, Saudi Arabia, as the G20 host, shoulders the responsibility to help the world move forward by swiftly adopting new health protocols and setting an example, said Indonesian Ambassador to Saudi Arabia Agus Maftuh Abegebriel.

In an interview with Arab News, Abegebriel said: “Saudi Arabia did not let the pandemic become an unfortunate moment. The G20 swiftly adopted new health protocols, and an online mechanism was prepared for the upcoming summit in November. The extraordinary summit in March ran well online — evidence of how well Saudi Arabia handled the G20’s meetings during the pandemic. I hope that we can learn from the Saudi presidency for handling the G20 in 2023.

“The G20 was born out of crisis back in 1999, and was again challenged in 2008-2009 by the global financial crisis. That crisis came alongside the European sovereign debt crisis, and several eurozone members were unable to repay or refinance their government debt. World GDP growth had fallen from 4.3 percent in 2007 to 1.8 percent in 2008, and then continued to minus 1.6 percent in 2009.

“The G20 has played an essential role in enabling international cooperation, and taken responsibility for global leadership in times of crisis. World GDP growth in 2010 successfully returned to 4.3 percent, with an average level of 2-3 percent in the next several years,” he added.

“Now, COVID-19 has had a more adverse impact on activity in 2020 than anticipated, and the recovery is projected to be slower than previously predicted,” he said.

“It is important to collaborate to ensure universal and equitable access to vaccines. It is important to work together to safeguard the global economy and avoid global depression. It is important to send a strong message that global recovery after the pandemic must be aligned with the 2030 UN Sustainable Development Goals to create more inclusive and sustainable growth,” he added.

Abegebriel continued that the G20 Summit in Riyadh would face major issues and high expectations, especially in areas devastated by COVID-19.

“G20 members face many common and pressing challenges, even more now with COVID-19. Consequently, the theme brought by Saudi Arabia, “Realizing opportunities of the 21st century for all,” is … relevant with the situation today. This is the time when countries share their collective efforts and responsibilities to address those challenges together, to make sure no one is left behind,” said the ambassador.

Abegebriel underscored that empowering people needed good decisions, and that the pandemic had reversed decades of progress on closing the gender gap in the labor market. It was important, he said, to put this issue in every aspect of new policy.

“We view that achieving women’s empowerment is essential to achieve sustainable and equitable development, which is in line with the Agenda 2030 framework,” he said.




Indonesian Ambassador to Saudi Arabia Agus Maftuh Abegebriel. (Photo/Supplied)

Furthermore, the environment and its preservation remains of major importance. “We support the initiative by the Saudi presidency to support existing efforts to prevent land degradation and habitat loss, as well as the initiative to accelerate scientific knowledge and technology development in support of coral reef survival, conservation, resilience, adaptation and restoration,” he said.

On an urgent need for the G20 to take steps that lead to more employment and growth, the envoy said: “Absolutely, in the long run, the deep recessions triggered by this pandemic (are) most likely to leave an eternal scar across sectors and fields, such as the disruption of global trade, fragmentation of supply chains, lower investment and affect people-to-people connectivity.”

Pressure on weak health care systems, loss of trade and tourism, declining remittances, subdued capital flows and tight financial conditions amid mounting debt will daunt many countries, he added. The pandemic has gravely impacted the labor market, especially for the most vulnerable: Low-paid workers, young people, women, under-represented groups, the self-employed and informal sector workers.

“Strengthening social protection systems is vital to prevent a more severe situation that could occur during the crisis period,” he said.

“There are reasons why the G20 Summit hosted by Saudi Arabia is historic. First, the summit is being held amid the deepest global recession in decades. Second, this summit is the first in the history of G20 convened online. As Saudi Arabia is the only country in the Middle East to be a member country of the G20, it is important to represent and show Saudi leadership in the region. We congratulate the Kingdom for its able leadership and its utmost effort in leading this forum to ensure the relevance of the G20 during the crisis,” Abegebriel said.

“Indonesia, which has a predominantly Muslim population, has a strong relationship with Saudi Arabia. The state visits by President Joko Widodo in 2015, 2018 and 2019 mark the importance of Saudi Arabia for the people of Indonesia. The historic visit by King Salman to Indonesia in 2017 showed the remarkable cooperation between the two countries,” he added. “I hope cooperation between Saudi Arabia and Indonesia will strengthen.

“Saudi Arabia has prepared the G20 Summit very well. Indonesia is keen to learn from Riyadh, to prepare ourselves for hosting the G20 Summit in 2023.”


G7 countries to release oil reserves as IEA agrees to largest ever market intervention

Updated 11 March 2026
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G7 countries to release oil reserves as IEA agrees to largest ever market intervention

  • IEA recommends release of 400 million barrels

RIYADH: Germany, Japan and Austria will release part of their oil reserves after the International Energy Agency recommended the release of 400 million barrels of oil ‌from stockpiles, the largest ‌such move in IEA ​history.

In a statement, IEA Executive Director Fatih Birol said the flow of oil, gas and other commodities through the Strait of Hormuz have all but stopped, leading global energy supply to fall by around 20 percent.

Ahead of the confirmation of the move — a larger intervention than the 182.7 million barrels that were released in 2022 by in response to Russia’s invasion of Ukraine — several countries began setting out plans to bring their reserves into play as countries grapple with ​soaring crude prices amid ​the US-Israeli war with Iran. 

Birol said: “I can now announce that IEA countries have decided to launch the largest ever release of emergency oil stocks in our agency's history. 

“IEA countries will be making 400 million barrels of oil available to the market to offset the supply lost through the effective closure of the strait.

“This is a major action aiming to alleviate the immediate impacts of the disruption in markets.”

Germany’s Economy ⁠Minister ​Katherina Reiche ⁠confirmed on Wednesday her government plans to limit petrol price increases at filling stations to once a day and to introduce more stringent antitrust regulation of the sector.

She did not ⁠give an exact timing for ‌those measures, but added that ‌the US and ​Japan would be the ‌largest contributors to the release of the ‌oil reserves.

The US has not confirmed it would do so, but its Interior Secretary Doug Burgum told Fox News on Wednesday that “these are the kinds of moments that these reserves are used for.”

The announcements did not stop oil prices rising, with Brent crude up 3.26 percent to $90.66 a barrel at 4:29 p.m Saudi time, and West Texas Intermediate up 3.12 percent to $86.05. Both were some way below the $119 a barrel seen earlier in the week.

“The situation regarding oil supplies is tense, as the Strait of Hormuz is currently virtually impassable,” Germany’s Reiche said.

“We will comply with this request and ‌contribute our share, because Germany stands behind the IEA’s most important principle: mutual ⁠solidarity,” Reiche ⁠said about the IEA’s request.

According to a statement by Reiche’s ministry, Germany will contribute 2.64 million tonnes of oil. This corresponds to 19.51 million barrels.

Reiche stressed there was no supply shortage in the country, which has a legally mandated reserve of oil and oil products intended to cover 90 days’ demand.

South Korea will release 22.46 million ​barrels of oil, which represents 5.6 percent of the total IEA ask, the ⁠country's industry ministry said.

“The government will consult with the IEA ⁠secretariat on details, such ‌as ‌the ​timing ‌and amount, from ‌the perspective of national interests in accordance with domestic conditions,” ‌the ministry said in a statement.

The ⁠ministry ⁠said it would continue to coordinate closely with major countries in responding to high oil prices to minimise any domestic ​impact.

Austrian Economy Minister Wolfgang Hattmannsdorfer said his country was releasing part of the emergency oil reserve and extending the national strategic gas reserve, adding: “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.”

Acting ahead of the IEA move, G7 ​member Japan announced plans to release 15 days' worth of ‌private-sector oil reserves and one month's worth of state oil reserves.

“Rather than wait for formal IEA approval ‌of a coordinated international reserve release, Japan will act first to ease global energy market supply and demand, releasing reserves as early as the 16th of this month,” Prime Minister Sanae Takaichi said in a broadcast statement.

Following a meeting with the IEA on Wednesday, G7 energy ministers said: “In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves.”

All IEA member countries are required to keep 90 days’ worth of their nation’s oil use in reserve in case of global disruption.