Last night and in the light of the COVID-19 pandemic, the G20 Energy Ministers agreed on a on the current situation on the international oil and gas markets. The extraordinary meeting was scheduled at short notice and took place via videolink on the day after the OPEC+ group decided to reduce oil production - a decision of which the G20 took note.
The Federal Government welcomes the fact that it was possible to reach a joint position at a time when solidarity is more important than ever before. This joint position demonstrates the ability of the G20 to act.
The statement acknowledges the fact that demand for oil and gas has slowed as a result of COVID-19 and points out the consequences for oil and gas-producing countries, in particular, but indirectly also for the countries consuming oil and gas.
United by the view that well-functioning, stable, open, transparent, and competitive energy markets play a decisive role for business activity and growth, the G20 Energy Ministers have asked for cooperation to strengthen the energy systems, and have decided to establish a G20 focus group that will monitor the international oil and gas markets for the remainder of the Saudi G20 Presidency.
The group will monitor developments on the international oil and gas markets, assess the measures taken by the countries responsible, and report to the G20 Energy Ministers.
Another measure that was welcomed as necessary for stabilising and increasing the level of security on the energy markets was a continuation of the expansion of renewables. The G20 Energy Ministers will use their regular meeting scheduled for September to discuss what measures can be taken by the G20 to implement the international energy transition in an ambitious way.