In response to the unprecedented impact of the COVID-19 pandemic on global energy markets, an Extraordinary Virtual Meeting of G20 Energy Ministers was held under the Chairmanship of HRH Prince Abdulaziz bin Salman bin Abdulaziz, in which the International Energy Agency (IEA), the International Energy Forum, (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) took part, alongside the Islamic Development (IDB), Organisation for Economic Co-operation and Development (OECD), and the World Bank (WB).
In their concluding statement G20 Ministers agreed among others to:
- Work together to develop collaborative policy responses that will ensure market stability across all energy sources considering each country's circumstances.
- Take all the necessary measures to ensure the balance of interests between producers and consumers, the security of our energy systems, and the uninterrupted flow of energy.
- Establish a short-term Focus Group with the task of monitoring response measures.
The Secretary General of the International Energy Forum Dr Sun Xiansheng called for International solidarity, enhanced dialogue, and greater energy data transparency through JODI while highlighting the next IEF17 International Energy Ministers Meeting scheduled to take place on 25-26 September 2020 as an important next opportunity to take stock of developments and foster collective responses.
The mission of the IEF to strengthen global energy security, market transparency, and facilitate orderly transitions remains closely linked to the core objectives of the G20 to achieve global economic stability, sustainable growth, and to modernise international governance systems. Dialogue and cooperation agendas on the IEF and G20 platforms rely on each other to reduce risks, prevent, and adequately respond to global economic and energy market crises.