OTTAWA  – Canadian Prime Minister Justin Trudeau on Friday said that efforts to ease the global oil glut should be done in a “concerted” way, without indicating whether the country would limit its own output.

Canada supports 'concerted approach' to end global oil glut: PM Trudeau- oil and gas 360

Source: Reuters

“We recognize that this is a global challenge for many, many different countries and having a concerted approach is extremely important,” Trudeau said of efforts to stabilize oil prices, speaking at a daily news conference.

Energy ministers of the G20 club of the world’s most industrialized nations, which includes Canada, are holding talks via a video conference on Friday to discuss how they can help the Organization of the Petroleum Exporting Countries (OPEC) and its allies stabilize oil prices.

Canada’s minister of natural resources, Seamus O’Regan, is due to speak with reporters later on Friday after the talks.

Canada is the world’s fourth-largest oil producer, extracting some 4.9 million barrels in February.

The coronavirus pandemic has slashed oil demand as countries shut down much of their economies, and OPEC has also flooded the world with additional oil in a dispute with Russia.

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