G20 nations undertake commitment to take immediate measures to ensure stability of energy market

Energy Ministers of G20 nations have undertaken a commitment to take immediate measures aimed at ensuring the stability of the energy market amid the COVID-19 pandemic, a joint communique said on Saturday.

"The significant economic contraction and uncertain outlook due to the pandemic have exacerbated energy supply and demand imbalances, increasing energy market instability, directly impacting the oil and gas sector and spilling over into other industries, further hampering the global economic recovery. This market instability, adds to the heavy toll on jobs, businesses, and people," the communique said.

"To address these challenges, we commit to take all the necessary and immediate measures to ensure energy market stability. 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 document added.