Statement by Minister Seamus O'Regan Following G20 Energy Ministers Meeting

Today, Canada's Minister of Natural Resources, the Honourable Seamus O'Regan, participated in a videoconference meeting of G20 Energy Ministers, and released the following statement:

"Today's discussion comes at a critical time, as Canada and governments the world over work to contain the COVID-19 pandemic, keep people safe, and limit economic impacts.

"G20 countries share an understanding that the security and economic prosperity of our people is tied to a well-functioning, stable energy market. That shared understanding was apparent in the discussions that took place today about multilateral solutions to oil price instability. We made a collective commitment to use all available tools to improve stability, as well as the creation of a short-term Focus Group, tasked with ensuring and reporting on coordinated response measures.

"Canada is the fourth-largest oil producer in the world. This sector of the economy powers more than 1,000 companies, which support over 3,500 businesses in the services sector and the jobs of more than 576,000 people, including 11,000 Indigenous people, in every part of Canada. The energy sector is also a critical component of Canada's plan to achieve net-zero emissions by 2050.

"As a global energy leader, Canada is fully committed to resolving the instability at hand. With that goal in mind, we will keep up our work with provinces, Indigenous communities, businesses, workers, and international partners including the G20.

G20 Energy Ministerial Statement