PERTH (miningweekly.com) – The Australian government on Thursday said that it was "closely monitoring" international energy markets in the face of escalating hostilities by Russia against Ukraine. 

The Australian government has condemned Russian President Vladimir Putin's actions which have impacted global energy markets, and has introduced targeted sanctions against Russia.

Minister for Industry, Energy and Emissions Reduction Angus Taylor said Australia was in a fortunate position to have strong energy security, with good supplies of gas and oil for domestic use, and would have adequate fuel supplies to meet domestic demand in the face of global disruptions as a result of increasing hostilities from Russia.

“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,” Taylor said. 

“While we cannot control these international price spikes, we are closely monitoring the situation with the International Energy Agency (IEA) and the US and stand ready to take action to help alleviate these pressures.

“With measures we’ve taken in government to strengthen our national sovereignty, our strong international partnerships and diverse supply chains, I am confident Australia is well supplied to keep us moving.”

As a member of the IEA, Australia is working closely with the IEA and the US to monitor global energy markets, ensure ongoing supplies and plan for appropriate measures to ensure energy security. 

Taylor said that Australia is prepared to join other IEA member countries to contribute to a global collective action, if one is called, through using the country’s oil stocks held in the US Strategic Petroleum Reserve and will continue to monitor global gas markets.

The government also recognises that this crisis has impacted international gas markets.

As one of the top three global liquefied natural gas exporters, Australia can be relied upon to continue to meet our contractual export obligations and contribute important liquidity to the global market while ensuring our domestic gas supply, said Taylor.

“Australia is in the fortunate position to be experiencing gas prices around 70% lower than overseas. The government will continue to ensure Australian gas is continuing to work for Australians as a top priority during these difficult times globally,” he said.