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Saudi Arabia will host a video conference meeting on Friday for G20 energy ministers “to ensure energy market stability”, it was 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 members of the Organization of the Petroleum Exporting Countries (OPEC) and others – including Russia – nor has it committed to partaking in any deal.
