Saudi Aramco’s Ras Tanura oil terminal in Saudi Arabia [Image used for illustrative purposes only] Image Credit: Bloomberg

Riyadh: Saudi Arabia will host a virtual meeting Friday of energy ministers from the Group of 20 major economies in a bid to ensure "market stability" amid a coronavirus-led slump in crude prices.

The video call will follow an emergency meeting on Thursday of OPEC and other oil producers.

"The Saudi G20 presidency will hold an extraordinary G20 energy ministers' virtual meeting on Friday... to foster global dialogue and cooperation to ensure stable energy markets," said a statement released Tuesday by the Saudi hosts.

"The G20 energy ministers will also act, alongside invited countries, and regional and international organisations, to alleviate the impact of the COVID-19 pandemic on the energy markets."

Crude oil prices collapsed to 18-year lows last week. Ten oil producing nations from outside the wider OPEC+ alliance including the United States have been invited to the meeting, Russian news agency TASS reported Tuesday.