Energy ministers of the Group of 20 convened for a video conference on Friday, with the aim to bolster the oil market that collapsed as the coronavirus pandemic accelerated.
Affordable energy supply
The Saudi Energy Minister Prince Abdulaziz bin Salman told the conference that ensuring an affordable energy supply is key to facilitating a global economic recovery.
“Having [an] affordable, reliable, accessible energy supply is considered a necessity to enable basic services, including health care, and help our efforts in assisting economic recovery,” Prince Abdulaziz said in the opening remarks.
Saudi Arabia is currently the chair of the group.
Sustainable economic growth
Russian Energy Minister Alexander Novak told the ministers at the conference that investments in the oil and gas sector will prevent sustainable economic growth.
Novak also called on the G20 group to join the efforts of the group of leading oil producers to stabilize energy markets.
He also proposed to set up a committee to coordinate actions aimed at energy market stabilization.
“A raft of measures on production cuts, aimed at market stabilization, was agreed in the format of OPEC+... The G20 role is seen in comprehensive support of these efforts,” Novak said at the online conference of the G20 energy ministries.