Saudi Arabia to Host Special Meeting for G20 Energy Ministers Friday
Saudi Arabia will host a virtual special meeting Friday of energy ministers from the Group of 20 major economies in a bid to ensure "market stability" amid a coronavirus-led slump in crude prices.
The video call will follow an emergency meeting on Thursday of OPEC and other oil producers to address the virus-sapped demand for crude and amid disputes between Saudi Arabia and Russia.
"The Saudi G20 presidency will hold an extraordinary G20 energy ministers' virtual meeting on Friday... to foster global dialogue and cooperation to ensure stable energy markets," said a statement released Tuesday by the Saudi hosts.
"The G20 energy ministers will also act, alongside invited countries, and regional and international organizations, to alleviate the impact of the COVID-19 pandemic on the energy markets."
The global markets will closely watch whether OPEC and other major producers led by Russia reach an agreement to reduce oversupply in talks on Thursday.
Ten oil producing nations from outside the wider OPEC+ alliance including the United States have been invited to the meeting, Russian news agency TASS reported Tuesday.