April 11, 2020
On the evening of April 10 (Fri.), 2020, a G20 Extraordinary Energy Ministers Meeting was held via a video conference and Mr. Kajiyama Hiroshi, Minister of Economy, Trade and Industry, attended the meeting. Participating ministers of the member countries confirmed their cooperation in addressing the novel coronavirus disease (COVID-19) and other issues and adopted a ministerial statement.
This meeting was held in response to a call by Saudi Arabia, the 2020 G20 chair, for the purpose of promoting cooperation for making energy markets stable and enhancing global economies in response to the expansion of the novel coronavirus disease. The meeting was held via a video conference and Minister Kajiyama attended the meeting as a representative of Japan.
At the meeting, Minister Kajiyama pointed out [i] the utmost importance of stable crude oil markets in light of the current economic situations and [ii] potential risks of disrupted supply of sufficient energy in a phase of economic recovery should instability of the crude oil markets remain. Moreover, he also stressed [iii] the need for full measures to protect oil supply chains in order to avoid disruption thereof and, based on this, he proposed to share best practices of measures taken by respective G20 member countries.
Furthermore, the ministers shared common view of the serious negative impact of unstable energy markets on real economies, the importance of energy security as a basis for economic activities and other issues. They also confirmed an enhancement of collaboration by G20 member countries from the perspectives of energy market stability and fortification of energy security.
In the ministerial statement, the ministers mainly agreed on the following points.
- G20 member countries agree that securing energy market stability and ensuring inexpensive and safe energy are important during crisis responses and recovery phases.
- They will commit to take all necessary measures to ensure a balance of interests between producers and consumers, energy security and the sustainable flow of energy.
- They will establish a short-term focus group with the task of monitoring response measures. This group will regularly report its assessment, in collaboration with relevant international organizations, to G20 energy ministers.
- They will report at a meeting scheduled in September 2020 on their responses to the COVID-19 pandemic and on the broader G20 energy agenda, while standing ready to reconvene sooner if necessary.
Division in Charge
- International Affairs Division, Commissioner’s Secretariat, Agency for Natural Resources and Energy
- Policy Planning Division, Natural Resources and Fuel Department, Agency for Natural Resources and Energy