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Bloomberg
Australia will increase its oil stock through an agreement with the US to help support the global market, following a video conference with G-20 energy ministers.
Energy markets in Australia were operating safely, securely and the government is working with the sector to maintain supply for electricity, gas and liquid fuels, Energy Minister Angus Taylor said in a statement. The nation is looking to finalise commercial terms for its strategic petroleum reserve pact with the US, he said.
“This arrangement will enhance not only Australia’s domestic fuel security by bolstering our stockholdings, but will also assist supporting global oil market during this challenging time,†Taylor said.
The G-20 energy ministers agreed to establish a focus group to monitor measures undertaken to balance interests of oil firms and consumers to ensure uninterrupted flow of energy, Taylor said.
, adding that Australia was interested in participating in the group. The ministers will meet in September to review the response to the virus.