MOSCOW, April 10. /TASS/. Energy Ministers of the Group of Twenty (G20) will discuss mitigation of the impact of the COVID-19 on the global energy market at an extraordinary online meeting, meeting organizers said on Tuesday.
"The Saudi G20 Presidency will hold an Extraordinary G20 Energy Ministers’ virtual meeting on Friday 10 April 2020 to foster global dialogue and cooperation to ensure stable energy markets and enable a stronger global economy. 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 statement reads.
"This meeting comes at a time as the Saudi G20 Presidency focuses on mitigating the effects of the COVID-19 pandemic on people’s health and the global economy," according to the document.
The OPEC+ oil production reduction deal ended on March 31, 2020. The reason was disagreements between Russia and Saudi Arabia on terms of its extension after March. The withdrawal from the agreement became the cause for production growth in OPEC countries, coupled with the unprecedented demand drop because of the coronavirus pandemic. The oil prices fell to $22 per barrel due to a combination of these factors for the first time in twenty years. The partners decided to resume consultations and involve other producers from G20 countries in joint actions. Negotiations will be held on April 9 in a videoconference format.