IEA head assesses G20 role in boosting market stability

G20 could play a leading role in boosting market stability, executive director of the International Energy Agency Fatih Birol said after the call with Canada's Minister of Natural Resources Seamus O'Regan.

According to Birol, it was "an excellent call on the importance of oil and gas in a crisis economy and the hardship created by the current downturn."

"Agreed that G20 could play a leading role in boosting market stability," he wrote on Twitter.

The IEA head also said that even with output cuts of 10 million barrels per day, the equivalent of 10% of global supply, oil inventories would still rise by 15 million barrels a day in the second quarter, CNBC reported.