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The G20 energy ministers will be holding an extraordinary meeting on Friday to address the energy market stability, Reuters reported on Tuesday, citing an official statement released by Saudi Arabia.

“G20 energy ministers will also act to alleviate the impact of the COVID-19 pandemic on the energy markets,” the statement further read.

Market reaction

Crude oil’s reaction to this announcement was largely muted. As of writing, the barrel of West Texas Intermediate was trading at $26.40, adding 0.5% on a daily basis.