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Riyadh to Gather Emergency G20 Ministerial on Friday as Follow-Up to OPEC+ Output Cut Talks

© Sputnik / Denis BolotskyG20 Ministerial Meeting in Nagoya, Japan. 22 November 2019
G20 Ministerial Meeting in Nagoya, Japan. 22 November 2019 - Sputnik International
MOSCOW (Sputnik) - Saudi Arabia, which is currently holding the G20 presidency, will gather the group’s energy ministers on Friday for an extraordinary virtual meeting to discuss how to stabilize the oil market and mitigate the impact of the COVID-19 pandemic.

The meeting comes hours after the OPEC+ club agreed on a three-stage output cut. The deal will be implemented only if Mexico, which has withdrawn from the negotiations, agrees to sign the document. At the G20 meeting, also called by Riyadh, the club will likely continue trying to convince Mexico and other producers to agree to the deal.

The oil market took another nosedive in March after OPEC+ failed to either extend the output cut deal, as was proposed by Russia, or agree to further curtail production, as was offered by Saudi Arabia.

The list of participants of the G20 meeting is likely to include a number of guest countries. The United Arab Emirates, for instance, announced on Thursday that it had received an invitation to join the talks.

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