April 11, 2020
A handout photo released by the Saudi Energy Ministry on April 10, 2020 shows Saudi Arabia's Energy Minister Abdulaziz bin Salman (3rd-L) chairing a virtual extraordinary meeting of G20 Oil ministers…
"We are committed to ensuring that the energy sector continues to make a full and effective contribution to overcoming Covid 19 and promoting a global recovery," the ministers said in the joint statement.
They added, "We are committed to working together in a spirit of solidarity, on immediate and concrete measures to address these issues during an unprecedented international emergency."
In their statement, the energy ministers stressed their commitment to take all necessary and immediate measures to ensure the stability of the energy market.
The ministers held their meeting via video after the Organization of Petroleum Exporting Countries (OPEC) and its allies reached an agreement to cut production, which Mexico refrained from supporting, preventing its implementation.
But an agreement between the United States and Mexico to help the latter implement its share of the cuts producers want appears to remove the obstacle preventing the implementation of the understanding.
The Canadian representative at the meeting, Simos Oregon, Minister of Natural Resources, said that the energy ministers had "not discussed figures" related to reducing global crude production.
"Today's discussions dealt with a multilateral solution to settle the problem of price volatility," Oregon said at a phone news conference.
"At this stage, it was actually a matter of discussing a policy and a collective commitment to use all available tools to improve stability," he said. He said that this group would meet "soon".
The Canadian minister confirmed that the video meeting was "successful" just because it was held, noting that "the G20 countries share an understanding that our peoples' security and economic prosperity is linked to an energy market that works well and is stable."
He added, "Our willingness to work together to coordinate our efforts immediately and collect data to know what we need to do to reach this stability is a big step forward." We have not yet reached the place we want, but we are definitely heading in the right direction. "