Saudi minister says affordable energy key to economic recovery

Saudi Arabia's energy minister said on Friday that ensuring affordable energy supply is key to facilitating a global economic recovery.

"In this time of crisis, reliable, affordable and accessible energy is critical to powering our essential services, including healthcare, to ensure we can quickly advance recovery efforts -- on both national and global scales," Saudi Energy Minister Abdulaziz bin Salman Al Saud said in a meeting attended by G20 energy ministers.

The meeting aimed to shape a coordinated response to enhance energy markets amid the dramatic health and economic impacts of the COVID-19 pandemic.

The minister also urged all G20 members to take appropriate measures to stabilize the market conditions based on the principles of fairness, equity, transparency and inclusivity.

A G20 ministerial statement will be released later, he added.

The G20 meeting came after the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, met on Thursday and agreed on an oil supply pact to cut 10 million barrels per day, which is pending the consent of Mexico.