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UAE receives invitation to participate in virtual G20 summit

Dubai - Saudi Arabia will host a virtual meeting on Friday, April 10.

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The UAE has received an invitation to participate as an honorary guest in the G20 Energy Ministers Meeting, which will be held remotely on Friday, April 10, the Ministry of Energy and Industry said.

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- ????? ?????????????? (@MOEIUAE) April 9, 2020

Energy ministers from the G20, alongside invited countries and regional and international organisations, will gather to consider measures "to alleviate the impact of the Covid-19 pandemic on the energy markets", according to a statement from the group.

The meeting comes a few weeks after the extraordinary virtual summit of G20 leaders, which was hosted by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia on March 26.

The virtual meeting will take place a day after members of the Opec+ alliance meet to discuss strategies to draw back supply following oil prices declining 70 per cent since their recent peak in January.

Earlier on Tuesday, Saudi Arabia's Cabinet said in a statement that its call for an OPEC+ meeting is an extension to its previous efforts to achieve market balance and stability.

"Saudi Arabia's call for OPEC+ and a group of other countries to hold an urgent meeting, seeking to reach a fair agreement to restore the desired balance to oil markets, is an extension to the Kingdom's previous efforts to achieve market balance and stability, and to continue its enduring endeavors to support global economy in this exceptional circumstance", the statement said.
With inputs from SPA