Business

G20 ministers to propose task force on next steps to help 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.