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

and I am sure Senator Kemp would be very interested in the price of petrol in Australia—because the international pressures creating the increase in fuel prices in this country should be more fully understood. The conference highlighted an agreement to work towards greater stability of global oil markets; a recognition of the need for more investment, both upstream and downstream, to ensure that markets are supplied in a timely and adequate manner; a call to improve the transparency, regulation and stability of financial markets through a commitment to improve the quality, completeness and timeliness of oil data submitted through the monthly Joint Oil Data Initiative; and a commitment to provide assistance to alleviate the consequences of higher oil prices on the least developed countries. There was also a call for enhanced cooperation between international, national and service companies from oil-producing and oil-consuming countries in investment, technology and human resources development. Finally, there was a commitment to promote energy efficiency through the passing on of market price signals. A working group has been established to pursue this action, and a follow-up conference will be held in London to review progress before the end of the year.