G20 agrees to stabilize oil market

(VOVWORLD) -  G20 members decided to take a more active role to stabilize the oil market following an online conference chaired by Saudi Arabia on April 11, but did not make specific commitments or give a number of potential cuts.

A draft communique from the meeting said the G20 members would “commit to doing whatever it takes, both individually and collectively” to ensure the energy sector makes a recovery. The G20 group of nations made the decision on Friday to cut crude oil production in May and June, in an effort to stabilize the effects of the coronavirus pandemic on markets. This would be the largest supply deal of its kind to cope with an unprecedented emergency in history.