Saudi Arabia to host G20 energy ministers virtual meeting to discuss coronavirus hit markets

Saudi Arabia will host a video conference with G20 energy ministers on Friday as oil prices continue to fall due to the Covid-19 pandemic.

MENA

2 min read

The New Arab & agencies

07 April, 2020

The G20 call will follow a virtual meeting for OPEC and other oil producers [Getty]

Saudi Arabia will host a video conference meeting on Friday for G20 energy ministers "to ensure energy market stability", Reuters reported on Tuesday, citing an internal document.

Oil prices have fallen sharply due to the impact of Covid-19, in addition to last month's collapse of coordinated output cuts led by Saudi Arabia and Russia.

Scheduled for 12-2:20pm GMT on Friday, the call will follow a virtual meeting on Thursday for OPEC, Russia and other oil producers to discuss cutting output, Reuters reported.

"We look forward to a productive discussion, as we step up our efforts during these challenging times," the internal document for the G20 energy ministers meeting said, according to Reuters.

Last week, US President Donald Trump called on Riyadh and Moscow to cut production to support prices as the pandemic slashes demand and stockpiles build.

Worldwide oil demand has dropped by roughly 30 percent, or about 30 million barrels a day.

The producers are likely to agree to cut output on Thursday, but only if the United States joins the effort, three OPEC+ sources told Reuters on Monday.

The US did not participate in coordinated cuts by OPEC members and others - including Russia - nor has it committed to partaking in any deal.

Agencies contributed to this report.

Follow us on Facebook, Twitter and Instagram to stay connected.