Japanese Industry Minister urges G20 energy summit to address importance of stable oil prices

 Japanese Industry Minister urged G20 energy minister to emphasize the need for stable oil prices and its importance.

This comes after the OPEC and non-OPEC producers (OPEC+) managed to outline oil output cuts deal of slashing the production by 10 million barrels per day starting in May, in an effort to balance the market. However, the deal is delayed due to Mexico’s rejection.

The focus now remains on the G20 energy minister summit scheduled later on Friday at 1400 GMT for fresh impetus on oil prices. At the moment, WTI keeps the heavy tone just above the 23 level, shedding 7.50% so far.