Bloomberg reports, citing a draft communique circulated to member countries
The report says that G20 plans to create an ad-hoc group to ensure that steps to stabilise the oil market expected to be agreed today and tomorrow are implemented.
Adding that the group would be assigned with monitoring implementation and reporting back to G20 energey ministers "for further corrective actions if needed". The composition of the committee is said to still be under discussion, according to familiar sources.
I guess this is mainly to try and address the issue of monitoring and compliance, since this will not just involve OPEC+ members but also other international producers such as the US, Canada and Mexico perhaps.
In any case, as a reminder, don't be too alarmed if there is no final deal laid out after today's OPEC+ meeting because we may have have to wait on an overall deal after the G20 energy ministers meeting tomorrow to conclude as well.
So far, oil is liking the coordination behind all of this as prices now climb by nearly 7% to $26.88 - currently at session highs for the day.
