Energy Minister Angus Taylor has told an extraordinary meeting of G20 energy leaders international co-operation is needed to stabilise the global oil market.
Mr Taylor asked leaders at Friday’s virtual meeting to help “ease market volatility and restore market confidence”.
“We believe there is a need to take action to stabilise oil markets at supply and price levels that support ongoing investment, supply diversity and energy security,” he said.
Since the coronavirus outbreak, demand for petrol has fallen 50 per cent and jet fuel 70 per cent worldwide as airlines ground flights and people stay home, hammering the global oil price. Oversupply has been exacerbated by last month’s split between Saudi and Russian producers, which both decided to ramp up production, although they have now agreed to cut output by more than a fifth.