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The energy ministers of the Group of Twenty did not reach an agreement to cut oil production. A statement was issued on Saturday after a meeting of ministers confirming that the energy sector will continue to make a full and effective contribution to overcoming the Corona virus, but the statement did not include any indication of an agreement to reduce oil production.
The energy ministers of the Group of Twenty countries confirmed in a final statement published on Saturday after long negotiations their commitment to cooperate to combat the Corona virus, but they did not indicate any agreement to reduce production The oil.
In the joint statement, the ministers noted “the commitment to ensure that it continues Energy sector To make a full and effective contribution to overcoming the Coronavirus and promoting a global recovery. ”
The statement continued: “We are committed to working together in a spirit of solidarity, on immediate and concrete measures to address these issues during an unprecedented international emergency.” He also stressed “the commitment to take all necessary and immediate measures to ensure the stability of the energy market.”
The ministers held their meeting via video after the Organization of Petroleum Exporting Countries (OPEC) and its allies reached an agreement to cut production, which Mexico refrained from supporting, which prevents its implementation.
But an agreement between the United States and Mexico to help Mexico implement its share of the cuts producers want appears to remove the obstacle preventing the implementation of the understanding.
The Canadian representative at the meeting, Simos Oregon, Minister of Natural Resources, said that energy ministers had “not discussed figures” related to reducing global crude production.
“Today’s discussions touched on a multilateral solution to settle the problem of price volatility,” Oregon said at a press conference. “We did not discuss numbers, it was not about numbers,” he added.
He continued, “At this stage it was actually a matter of discussing a policy and a collective commitment to use all available tools to improve stability,” explaining that “we have created a working group that will be tasked with securing coordinated elements of the response and reporting on them.” He said that this group would meet “soon”.
The Canadian minister emphasized that the video meeting was “successful” simply because it was held, noting that “the G20 countries share an understanding that our peoples’ security and economic prosperity is linked to an energy market that works well and is stable.”
He added that “our willingness to work together to coordinate our efforts immediately and collect data to know what we need to do to reach this stability, is a big step forward,” and added, “We have not yet reached the place we want, but we are definitely heading in the right direction.”
He mentioned that Canada is the “fourth largest oil producer in the world”, which represents “eight percent of its total crude output.” He added that his country possesses the third oil reserves in the world and basically reduced its production by “about 750 thousand barrels per day” in recent months with the decline in prices due to the epidemic of Corona virus.
France 24 / AFP