Corona and slump in oil prices hit Saudi Arabia hard

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Prince Abdulaziz bin Salman Al Saud (3rd from left) chairs a virtual meeting of the G20 energy ministers on April 10th
Picture: dpa

Saudi Arabia actually wanted to polish its international reputation in the year of the G-20 presidency. Now the country is in a political and economic crisis that was unimaginable until recently.

EIt should have been the big year for Saudi Arabia. The Kingdom holds the presidency of the G 20 for the first time. The heads of state and government of the 20 most important industrialized and emerging countries were expected to attend the summit in Riyadh in November. After years of criticizing Saudi Arabia for the war in Yemen and the murder of Jamal Khashoggi, the country wanted to shine again on the international stage. But now the corona pandemic and the low oil price have given the country a double blow. The kingdom is struggling with economic problems and a loss of political importance that until recently would not have been possible.

It starts with Saudi Arabia no longer being the dominant player on the world oil market and no longer having a decisive influence on the oil price. Saudi Arabia’s weight in the energy industry was the decisive argument for including the kingdom in the G 20 group.

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