Energy leaders back supply
An extraordinary meeting of G20 Energy Ministers, including Australia’s Minister for Energy and Emissions Reduction Angus Taylor, has allegedly agreed to work together to ensure the stability of global energy markets through the COVID-19 pandemic.
The meeting by video conference noted the destabilising impacts of the pandemic on global oil and gas markets, as well as the broader health and social impacts felt across the world.
The meeting emphasised the importance of affordable and uninterrupted energy supply, especially for the support of essential services such as healthcare.
Mr Taylor told the meeting that the Australian Government is close to the energy sector.
“Australia considers that Energy Ministers have an important role to play in calming international energy markets and addressing energy security both now and for the longer term,” he said.
“We want to see all players behave in a fair and sustainable way so action can be taken to address the significant levels of global oil supply.”
The International Energy Agency has called for non-producing oil countries to increase oil stocks to support demand.
Mr Taylor says Australia has been taking action before the pandemic to build up emergency reserves in cooperation with the United States.
“I can confirm that Australia is playing it’s part by is progressing our recently signed Strategic Petroleum Reserve arrangement with the United States and is now working to finalise commercial terms,” he said.
“This arrangement will enhance not only Australia’s domestic fuel security by bolstering our stockholdings, but will also assist supporting the global oil market during this challenging time.”
The G20 Energy Ministers committed to take all the necessary measures to balance the interests between oil producers and consumers to ensure stability and the uninterrupted flow of energy.
This would be done by establishing a short-term Focus Group, with the task of monitoring the response measures. Mr Taylor said Australia is interested in participating in the Focus Group.