Saudi Energy Minister Calls for Affordable Energy Supply at G20 Meeting

  • 4/10/2020
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Saudi Energy Minister Prince Abdel Abdulaziz bin Salman told a conference of the G20 group of the world’s largest economies on Friday that ensuring affordable energy supply is key to facilitating a global economic recovery. “Having affordable, reliable, accessible energy supply is considered a necessity to enable basic services, including health care, and help our efforts in assisting economic recovery,” he said in an opening speech to a video-conference of the G20 energy ministers. Saudi Arabia is currently the chair of the group. Riyadh, Moscow and its allies, which make up the informal OPEC+ group, had forged a pact to curb crude production by the equivalent of 10% of global supplies in marathon talks on Thursday and said they wanted others to cut a further 5%. But efforts to conclude the OPEC+ deal hit the buffers when Mexico refused to sign up in full. The OPEC+ pact, if Mexico signs up, would see 10 million barrels per day (bpd) of oil removed, with an additional 5 million bpd withdrawn if the United States and others joined. Norway and Canada, both outside OPEC+, have indicated they could cut.

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