Energy Minister Angus Taylor said that a special meeting of G20 energy leaders needed international cooperation to stabilize the world oil market.
Taylor asked executives at Friday’s virtual meeting to help “ease market volatility and restore market confidence.”
“We believe it is necessary to take measures to stabilize the oil markets at supply and price levels which support current investments, the diversity of supply and energy security,” he said. declared.
Since the coronavirus epidemic, demand for gasoline has dropped by 50% and kerosene by 70% worldwide, as airlines fly on the ground and passengers stay at home, hammering the world price of oil. The oversupply was exacerbated by last month’s split between the Saudi and Russian producers, who have both decided to increase production, although they have now agreed to cut production by more than a fifth.