According to the communique issued after the G20 energy Ministers ‘ talks, the G20 countries committed themselves to take measures immediately to stabilize the energy market.
However, the meeting did not reach an agreement on reducing oil production. According to the Canadian Minister of natural resources, Seamus O’Regan, it was Canada that abandoned specific goals to reduce oil production.
Earlier, Russian Energy Minister Alexander Novak said that after a month-long gap, the OPEC + Alliance agreed on a new deal to reduce oil production. It is valid from May 2020 to the end of April 2022 and assumes that the reduction will take place in three stages until the production volume reaches the level of October 2018.