The G20 countries committed to immediate measures to ensure the stability of energy markets and agreed to establish a group to monitor response measures to developments in the market.
"Building on our Leaders’ commitment at their Summit on March 26, 'to use all available policy tools to maintain market stability,' we commit to ensure that the energy sector continues to make a full, effective contribution to overcoming COVID-19 and powering the subsequent global recovery", G20 members said in a statement.
The energy ministers of G20 also agreed to hold their next meeting in September with the possibility of arranging it earlier, in case of urgent need.
"We will continue our close cooperation and review both our response to the COVID-19 pandemic and our broader G20 energy agenda—transition towards cleaner and sustainable energy systems—at our scheduled meeting in September, while standing ready to reconvene sooner if necessary", the statement reads.
The extraordinary G20 members virtual meeting took place on Friday, primarily to discuss oil market stabilization and tackling the aftermath of COVID-19 pandemic.