Oil and Gas News

Ukraine invasion could impact domestic energy market

energy market

Minister for Industry, Energy and Emissions Reduction Angus Taylor has said that Russia’s invasion of Ukraine could have knock-on effects for the global and domestic energy markets. 

The Australian Government has said it is closely monitoring international energy market conditions to assess any potential impacts the escalating hostilities may have on Australian energy. 

“Australia is in a fortunate position to have strong energy security, with good supplies of gas and oil for domestic use,” said Minister Taylor. 

“As a member of the International Energy Agency (IEA), Australia is working closely with the IEA and the United States to monitor global energy markets, ensure ongoing supplies and plan for appropriate measures to ensure energy security.” 

Global markets were thrown into disarray when the outbreak of war on Ukrainian soil was announced, sending oil and gas prices soaring. 

Russia is the world’s second-largest oil producer and the largest supplier of natural gas to Europe. 

Despite this, Minister Taylor said Australia has adequate fuel supplies to meet domestic demand in the face of global disruptions. 

“The situation between Russia and Ukraine has added to global oil price pressures, which are being experienced right around the world. We understand that as a result of this, many Australian families and businesses are feeling this at the pump when they go to fill up their vehicle,” Minister Taylor said.

“While we cannot control these international price spikes, we are closely monitoring the situation with the IEA and the United States and stand ready to take action to help alleviate these pressures.” 

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