The executive director of the International Energy Agency (IEA), Fatih Birol, has called on the energy ministers of the world’s 20 biggest economies, G20, to take action on behalf of the global oil market to avoid an oil market crash.

Due to the rapid spread of the novel coronavirus (COVID-19), global economic growth and oil demand have remained very low, creating an oil supply glut and pushing crude prices to their lowest levels since 2002.

After failing to make deeper and longer cuts on March 6, Saudi Arabia-led OPEC and Russia-spearheaded non-OPEC oil-producing countries will hold a teleconference on

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