They added that in the final statement published yesterday, we, the energy ministers of the Group of Twenty, are distressed by the human tragedy caused by the pandemic of the emerging Corona Virus (Covid 19), And here we are meeting today to confront this crisis, which contributed to destabilizing the global energy markets of oil and gas and endangered energy security in many countries of the world, as well as the direct health, economic and social impacts that resulted from it.
The statement explained that the effects of energy markets exacerbate the global economic crisis and impede sustainable development. We agree that ensuring stable energy markets and providing safe and affordable energy are key factors in ensuring the health, safety and resilience of all countries during the response to and recovery from this crisis.
The energy ministers of the Group of Twenty pledged to work together in a spirit of solidarity to take immediate and concrete measures to address these urgent issues that come at a time when we are facing an unprecedented emergency at the international level. < / p>
They pointed out that they recognize the pivotal role of energy markets that are effective, stable, open, transparent and competitive in promoting growth and economic activity.
They emphasized that the great economic downturn and the future outlook marred by a state of uncertainty as a result of the pandemic exacerbated the imbalance between supply and demand for energy, and increased instability of energy markets, As it directly affected the oil and gas sector and expanded to include other sectors, which hindered the global economic recovery. Explaining that the instability we are witnessing in energy markets adds to the huge losses that we incur in jobs, businesses and lives.
They stressed that in order to promote global economic recovery and protect energy markets in their countries, they are committed to working together to reach cooperative policy responses, which will ensure the stability of markets for various energy sources, Taking into account the specific circumstances of each country, stressing the commitment to take all necessary and immediate measures to meet these challenges and to ensure the stability of energy markets.
The energy ministers of the Group of Twenty have stressed the commitment of some producers to achieve stability in energy markets. Hardliners on the importance of international cooperation in ensuring flexibility in ...
