Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

I thank Senator Johnston for the question. At the Jeddah Energy Meeting in Saudi Arabia yesterday, Australia called on OPEC countries to open their oil resources up for commercial foreign investment. Minister Ferguson strongly argued for an increase in oil production through the easing of foreign investment restrictions within major oil producing nations and an improved market data transparency. Minister Ferguson told the Jeddah Energy Meeting that too many countries are embracing economic nationalism and are preventing investment in stranded oil reserves. The factors which distort the demand and the supply of oil relate to foreign investment impairment, a lack of market data transparency and a lack of transparency in global financial markets. These issues can be solved only through international pressure and cooperation, and the meeting in Jeddah represents a very important first step on that front.

It is important that we recognise that this meeting is not a one-off event; rather, it represents the start of a long-term dialogue. There is no simple solution to this problem, and no one nation can shoulder the burden on its own. An international effort will be required to address these important issues, and the Australian government intends to play a constructive role in this process—