G20 energy ministers favor measures to rebalance global oil markets

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, in the capital Riyadh. (AFP)

DUBAI (Rahnuma): Energy ministers from the G20 nations last night agreed to measures to rebalance global oil markets ravaged by the coronavirus pandemic.

Following a marathon session of virtual talks, their communique made no direct mention of oil cuts.

Earlier, their discussions focused on  a plan developed by the OPEC+ alliance, and led by Saudi Arabia and Russia, to cut oil output by an unprecedented 10 million barrels a day.

Non-OPEC+ countries such as Canada, the US and Brazil were expected to implement additional, substantial output reductions of their own.

The agreement — which includes the three biggest producers: Saudi Arabia, the US and Russia — represented the biggest-ever attempt to coordinate global oil production.

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