G20 ministers can mull oil output

The agenda of the G20 ministerial meeting also includes the reduction of 10 million barrels per day, which is under the responsibility of the OPEC+.

Report informs, citing TASS, that the videoconference will begin by the opening speech of Saudi Arabian Energy Minister HRH Prince Abdulaziz bin Salman Al Saud. Following him, the OPEC Secretary-General Mohammad Barkindo and the head of the International Energy Agency (IEA) Fatih Birol will present reports on the energy market.

Ministers’ speeches will take a significant part of the time – about 120 minutes. According to the schedule, the meeting will end at 6:20 (GMT +4).

At the same time the ministers are to discuss more output cuts.

“The most important thing in the energy sector today is the reduction of oil output. There is nothing else to speak about,” – the source said.

To remind that on April 9, OPEC and non-OPEC countries reached an agreement to cut the output in three steps.