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The G20 energy ministers complete a round of talks to stabilize the oil market. However, there was no agreement on a specific agreement on the reduction of black gold mining.
G20 government representatives have pledged to do everything possible to help the energy sector overcome the effects of the pandemic. However, there are no agreements to reduce oil production, reports Radio Liberty.
The theme of the new OPEC + agreement: how Mexico has brought everyone to their knees
On April 10, OPEC representatives previously agreed to an agreement to reduce oil production by 10 million barrels per day in May and June. The purpose of this step is to stabilize the market affected by the coronavirus outbreak.
The United States, Mexico and Canada were expected to join this agreement during the G20. The United States is in favor of reducing oil production. Washington has emphasized that US production is already falling due to low prices.
Important! Due to the pandemic, the demand for “black gold” has decreased by about 20 million barrels per day. Oil prices have broken 20-year highs. Such a drop in prices, first of all. It threatens American companies that produce expensive oil.
Which countries are in the G20?
The Big Twenty: The European Union, Australia, Argentina, Brazil, United Kingdom, India, Indonesia. Italy, Canada, China, South Korea, Mexico, Germany, South Africa, Russia, Saudi Arabia, the United States, Turkey, France, Japan.
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