G20 will meet to find a solution to the oil issue

The energy ministers of the countries belonging to the G20 will hold a telephone meeting this Friday to find a global solution to the situation of the oil market, as reported by the agency in a statement Tuesday.

The G20, which is chaired this year by Saudi Arabia, will bring together its energy ministers “to foster dialogue and global cooperation to ensure stable energy markets and to enable a stronger global economy.”

The agency has assured that the G20 will act, along with “invited countries and international and regional organizations”, to “alleviate” the impact of the Covid-19 coronavirus pandemic on energy markets.

The Group of 20 telephone meeting will take place just a day after the one held by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which will also meet electronically to draft an agreement to cut production that reduces market supply and raise crude prices.

Oil prices fell sharply in recent weeks after OPEC’s de facto leader Saudi Arabia failed to reach an agreement with Russia on the extension of the pumping control pact the cartel had with other oil-producing countries since January 2017. In addition, in order to pressure Russia to accept the deal, Saudi Arabia lowered the price of its crude.

K. Tovar

Source: Diario Las Americas