Saudi Arabia Assumes Balanced Role at G20 Summit in Bali

Saudi Arabia Assumes Balanced Role at G20 Summit in Bali

All eyes turn to the island of Bali in Indonesia, where the G20 Leaders Summit will kick off on Tuesday, with the participation of 19 countries, in addition to the European Union and the guests of honor.

Despite the challenges facing the agenda of the summit due to the unprecedented divisions over global developments, including the Russia-Ukraine war, the G20 member-states and other countries are counting on the international gathering to discuss global health, digital transformations, and the transition towards new or sustainable energy sources.

Experts point in this regard to the balanced role of Saudi Arabia, the only Arab country in the bloc that includes the 20 largest economies around the world, and controls 90 percent of global output.

Saudi Arabia is in fact the largest global oil exporter, and the leader of the most important and extensive alliance in the history of the crude oil industry since 2016. It also represents the largest Arab economy with a gross domestic product approaching 3 trillion riyals.

According to international reports, the Kingdom is competing today with the G20 countries in economic diversification, within Vision 2030, which aims to reduce its dependence on oil as a main source of revenue. Moreover, Saudi Arabia ranks fifth