Saudi Arabia announced a virtual meeting of G20 energy ministers for Friday to find ways to ensure “market stability” amid falling crude prices as a result of the new coronavirus.
This meeting will follow an exceptional meeting to be held by videoconference Thursday the main oil producers to address the weak demand due to the pandemic and the price war between Saudi Arabia and Russia.
“The Saudi G20 presidency is organizing an extraordinary virtual meeting of the G20 energy ministers on Friday (…) to promote dialogue and cooperation at global level in order to guarantee the stability of the energy markets”, according to a statement released Tuesday by Saudi hosts.
“The G20 Energy Ministers will also work with guest countries and regional and international organizations to explore ways to mitigate the impact of the Covid-19 pandemic on energy markets” , adds the text.
Last week, the price of a barrel of oil reached its lowest level in 18 years due to a price war between Ryad and Moscow, which increased their production despite weak demand.
The market is closely monitoring Thursday's meeting to find out if OPEC and Russia are able to reach an agreement to reduce excess supply.
Ten non-Opep + oil-producing countries, including the United States, were invited to the meeting, Russian news agency Tass reported on Tuesday.
The meeting comes a week after U.S. President Donald Trump said major producers, Russia and Saudi Arabia, would cut production to boost prices.