G20 energy ministers to hold extraordinary meeting on Friday – Reuters

Eren Sengezer FXStreet

The G20 energy ministers will be holding an extraordinary meeting on Friday to address the energy market stability, Reuters reported on Tuesday, citing an official statement released by Saudi Arabia.

"G20 energy ministers will also act to alleviate the impact of the COVID-19 pandemic on the energy markets," the statement further read.

Market reaction

Crude oil's reaction to this announcement was largely muted. As of writing, the barrel of West Texas Intermediate was trading at $26.40, adding 0.5% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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