The energy ministers of the G20 member countries will meet on Sunday to discuss the turbulent oil market and the further development of green energy from the impact of the epidemic.
Saudi Arabia strongly supports the “circular carbon economy” strategy to eliminate harmful greenhouse gas emissions in the atmosphere. This two-day meeting is the second meeting of energy policymakers this year. The historic meeting last April helped stabilize the collapsing crude oil market.
Since then, the market has recovered and the price of the benchmark Brent crude oil has more than doubled, but with people worrying about a “second wave” of blockade in the economy, doubts about economic resilience have resurfaced.
Prince Abdul Aziz bin Salman, Saudi Minister of Energy and Chairman of the G20 Summit, emphasized that the influence of OPEC’s success, through this extraordinary period, is our only way out. ”
The G20 stated that ministers will discuss how to strengthen cooperation, promote market stability and security, and promote and advance a sustainable energy system through a circular carbon economy.
The need to reduce harmful emissions has become a consensus, but some European countries and NGOs are believed to be urging a stronger stance on fossil fuels.
Saudi Arabia’s strategy has been supported by the United States and Russia. The country advocates a more inclusive stance on hydrocarbon resources and promotes the development of renewable resources such as solar and wind energy.