G20 energy ministers vow to ensure energy security, market stability

G20 energy ministers vow to ensure energy security, market stability

Energy ministers of the Group of 20 (G20) agreed on Friday to ensure the energy market's stability, affordability and security in the face of the COVID-19 pandemic, according to a joint statement released after their virtual meeting, China.org.cn reports.

The G20 economies will develop collaborative policy responses to ensure market stability across all energy sources taking into account each member's circumstances, the statement said.

"All the necessary measures" will be taken to ensure a balance of interests between producers and consumers, the security of the energy systems and an uninterrupted flow of energy, said the ministers, who called energy security "a cornerstone of energy market stability."

"We establish a short-term Focus Group, with the task of monitoring the response measures," the statement read.

The G20 energy ministers will meet again in September as scheduled. 

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