G20 agrees on need for price stability, did not talk about ‘numbers’: Canada

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G20 members, including Saudi Arabia and Russia, agreed on the need for oil price stability but did not discuss specific “numbers” during their video conference meeting on Friday, according to Canadian Natural Resources Minister Seamus O’Regan.

The Canadian minister also said that G20 members agreed to set up a focus group to report on a coordinated response on oil prices and production later.

“Canada implored upon all colleagues to do what they could to achieve price stability, it is in everyone’s best interests,” O’Regan was quoted as saying by Reuters after the meeting.

The Canadian minister added that the G20 was “not where we need to be” yet on oil but that the group has taken a huge step already.

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.

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.

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