G20 Energy Ministers to discuss market stability on April 10 in KSA

Energy ministers from the Group of 20 will discuss market stability on April 10 in Saudi Arabia amid the global pandemic.

Arab news reported that Saudi Arabia will host the virtual meeting on Friday.

Statement released said “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,”

“The G20 energy ministers will also act, alongside invited countries, and regional and international organisations, to alleviate the impact of the COVID-19 pandemic on the energy markets,” it added.

The meeting comes a few weeks after extraordinary virtual summit of G20 leaders which was hosted by King Salman on March 26.

Also on Tuesday, Saudi Arabia’s Cabinet said in a statement that its call for an OPEC+ meeting is an extension to its previous efforts to achieve market balance and stability.

“Saudi Arabia’s call for OPEC+ and a group of other countries to hold an urgent meeting, seeking to reach a fair agreement to restore the desired balance to oil markets, is an extension to the Kingdom’s previous efforts to achieve market balance and stability, and to continue its enduring endeavors to support global economy in this exceptional circumstance”, the statement said.

It is pertinent to mention that the health minister of Saudi Arabia has warned that eventual number of coronavirus cases in Saudi Arabia could be as low as 10,000 or as high as 200,000 depending on compliance.

Tawfiq Al-Rabiah said “We stand today at a decisive moment as a society in raising our sense of responsibility and contributing together with determination to stop the spread of this pandemic,”

Saudi Arabia has reported 2,795 virus cases and 41 deaths, the highest in the six Gulf states.