G20 energy ministers will hold a virtual meeting Friday after an oil production cut agreement between OPEC and its allies to shore up prices hit ...
RIYADH: G20 energy ministers will hold a virtual meeting on Friday after an oil production cut agreement between OPEC and its allies to shore up prices hit an impasse, with Mexico rejecting the proposed curbs.
"I am looking forward to today's extraordinary meeting of G20 energy ministers. I hope that it will help restore some much-needed stability to oil markets," said Fatih Birol, the head of the International Energy Agency ."The extreme volatility we are seeing in oil markets is detrimental to the global economy at a time when we can least afford it."
The impact of the cuts on prices was not immediately clear as the global oil markets were shut on Friday for the Easter weekend. Compounding the problem, Riyadh and Moscow had both ramped up output in a bid to hold on to market share and undercut US shale producers.
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