April 10, 2020

A record oil production cut hangs in the balance after energy ministers from the Group of 20 major economies on Friday agreed that stabilization in the market is needed, but stopped short of discussing specific production numbers.

“To underpin global economic recovery and to safeguard our energy markets, we commit to work together to develop collaborative policy responses,” a press release said. “We recognize the commitment of some producers to stabilize energy markets. We acknowledge the importance of international cooperation in ensuring the resilience of energy systems.”

The energy ministers’ meeting came one day after oil producer group OPEC and its allies — in their own emergency meeting — proposed taking a record 10 million barrels per day of crude off the market.

Read more:

https://www.cnbc.com/2020/04/10/record-oil-production-cut-hangs-in-the-balance-as-g20-meeting-concludes-with-no-specifics.html