G20 Energy Meetings Begin Amid Global Fuel Market Turmoil
US Hosts G20 Meetings as Middle East War Roils Energy Markets
HOUSTON: (Finance Reporter) – The United States on Monday began a series of G20 meetings in Houston, placing a focus on “energy abundance” as the war involving Iran continues to disrupt global fuel markets.
The meetings, being held in the oil-rich state of Texas, are scheduled to continue through Wednesday and bring together delegations from some of the world’s largest economies, including China, India, Japan and Germany.
Major energy-producing countries, including Canada and Saudi Arabia, are also expected to participate, while Russian diplomats said Moscow would send officials to the discussions.
Russia’s participation has already drawn attention after Finance Minister Anton Siluanov unexpectedly attended a G20 meeting two weeks ago. Ukraine’s European allies had expressed disappointment over Washington’s decision to invite Russia, arguing that Moscow should remain excluded over its war against Ukraine.
The Houston talks come as oil and gas prices climb amid the wider Middle East conflict, while European countries face difficulties replenishing gas storage facilities ahead of winter.
As host, Washington has identified expanding access to affordable, reliable and secure energy as one of its key priorities. However, global supplies have faced major disruption since the United States and Israel launched attacks on Iran in February.
Fuel prices have also surged in the United States. According to the American Automobile Association, the average price of diesel has reached a record $6.20 per gallon, while regular gasoline is now 44 percent more expensive than before the war.
The rising cost of fuel and the unpopular war have raised concerns within President Donald Trump’s Republican Party ahead of the November midterm elections.
Trump has accused Iran of prolonging the conflict in an attempt to damage him politically and recently claimed the war would end “immediately” after the election.
The US president has also blamed Ukrainian President Volodymyr Zelensky for contributing to diesel shortages through attacks on Russian oil refineries.
US Energy Secretary Chris Wright, who has played a key role in Washington’s energy policy toward Venezuela, and Interior Secretary Doug Burgum are expected to attend the Houston meetings.
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