G20 nations fail to issue a joint communique as Russia-Ukraine conflict continues to undermine harmony, with US-Saudi feud over OPEC+ oil cuts creating new fissures
G20 faces"many challenges", with"escalating geopolitical conflicts, a war in Ukraine which exacerbated and worsened the economic situation," says Indonesia.
Finance ministers and central bankers from the Group of 20 major economies met during the IMF and World Bank annual meetings that have focused on the conflict, soaring inflation and the climate crisis. "All member countries underlined that it is very important to continue to preserve this G20 as the premier economic forum for cooperation."
German Finance Minister Christian Lindner said before the meeting that it was "better to have a forum to speak in than none."Washington and Riyadh have locked horns over a decision by the OPEC+ group of oil exporters, led by Saudi Arabia and Russia, to sharply cut production — a move that could send energy prices soaring higher.
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