The move comes after Australia’s Energy and Emissions Reduction Minister Angus Taylor took part in an Extraordinary G20 Energy Ministers meeting last week to discuss ways to stabilise global markets following the reduction in demand for oil.
The short-term Focus Group will develop the necessary measures to help stabilise global markets and build resilience in consultation with other relevant international energy organisations, including the International Energy Agency and the International Energy Forum. The Focus Group will regularly report back on its work to the G20.
Minister Taylor said Australia had been invited to join the Focus Group by Chair of the G20 Energy Ministers, Saudi Arabia’s Energy Minister Abdulaziz bin Salman bin Abdulaziz.
“Australia as part of the G20 has made a commitment to take all the necessary and immediate measures to ensure energy market stability,” Taylor said.
“Australia’s energy systems and markets are continuing to operate safely and securely, and we are well placed to continue to respond to the fast-moving coronavirus pandemic.”
“The G20 Leaders will take the necessary measures to minimise the economic and social damage from the pandemic, restore global growth, and strengthen resilience. Australia will take part in the Focus Group which will develop these measures.”
“Affordable energy and an uninterrupted supply is crucial to ensure essential services such as health and food supplies, and a stable and secure market will also help nations as they emerge from the economic impacts of the coronavirus pandemic.”
“I look forward to Australia making a solid contribution to the G20 Energy Ministers Focus Group.”