US hosts G20 ‘energy abundance’ talks amid Iran war shock

The US on Monday kicks off a set of G20 meetings touting “energy abundance”, even as President Donald Trump’s war against Iran continues to disrupt global fuel markets.

The discussions are slated to run through Wednesday in Houston, in the oil-rich US state of Texas.

The meetings gather delegations from the world’s largest economies – including China, India, Japan and Germany – with major oil producers set to attend, such as Canada and Saudi Arabia.

Russian diplomats indicated Saturday that Moscow would also send some officials.

The unexpected presence of Russian finance minister Anton Siluanov caused a stir at a previous G20 meeting two weeks ago.

Ukraine’s European allies expressed disappointment in the US decision to invite Russia, which ran against efforts to exclude Moscow over the war on its neighbour.

The Houston meetings come as oil and gas prices surge over the Middle East war, with Europe struggling to fill its gas storage facilities ahead of winter.

One of Washington’s stated priorities as G20 host is to expand access to affordable, reliable and secure energy, but supply has been dramatically impacted since the US and Israel attacked Iran in February.

Prices at the pump have skyrocketed in the US, where the price of a gallon (3.78 litres) of diesel has hit a record high and now runs an average of US$6.20, according to the American Automobile Association (AAA).

Regular gasoline is also 44% more expensive than it was before the war.

The unpopular war and its consequences have Trump’s Republican Party fearing a defeat in the November midterm elections.

The US president has accused Iran of extending the conflict to hurt him politically, claiming recently that the war would end “immediately” after the election.

Trump also accused Ukrainian President Volodymyr Zelensky of causing a diesel shortage with strikes on Russian refineries.

US energy secretary Chris Wright, a key player in Washington’s energy dealings with Venezuela, and interior secretary Doug Burgum are expected to attend the meetings in Houston.

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