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G20 ministers to propose task force on stabilising oil market

World's third biggest oil importer India urged producers to aim for "affordable" prices for a consumption-led demand recovery.

twitter-logoReuters | April 10, 2020 | Updated 22:04 IST
G20 ministers to propose task force on stabilising oil market

G20 energy ministers in their joint statement will propose setting up a task force to advise ministers on the steps needed to stabilise the oil markets amid the coronavirus pandemic, India's oil ministry said in a statement on Friday.

Although India's fuel demand has slumped drastically due to a nation-wide lockdown to stem the spread of coronavirus, India will continue to be a global energy demand centre, Oil minister Dharmendra Pradhan told the meeting.

India, the world's third biggest oil importer, urged producers to aim for "affordable" prices for a consumption-led demand recovery.

The minister also expressed appreciation for the efforts of OPEC and OPEC+ oil-producing countries to balance the market which is imperative for long-term sustainability.

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Tags: Oil | G20
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