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Brisbane - Leaders of the world's most powerful economies agreed on Sunday that energy security must become a G20 priority, noting that stability in the markets was "critical" to their growth.
The long-term stability of oil markets is seen as crucial to ensuring the success of reforms promised by the G20, so that it can meet its aim of lifting its combined economic growth by 2.1% over the next five years.
A summit in Brisbane had a session dedicated to global energy issues for the first time, with G20 members representing more than 80% of the world's energy consumption, 60% of oil and gas production and over 90% of coal output.
"Increased collaboration on energy is a priority," they said in a summit declaration.
"Global energy markets are undergoing significant transformation. Strong and resilient energy markets are critical to economic growth."
They asked energy ministers to meet and report back in 2015 on options that could feed discussions on reform of the international energy system.
A report in The Australian newspaper on Saturday said there could ultimately be a new agency to protect against oil and gas supplies being exploited as foreign policy weapons, while giving a greater voice to rising economies.
If approved, the report said the agency would lay down principles of governance for all participants in energy markets and would sit above both the Opec cartel and the International Energy Agency (IEA).
However, there was no mention of any specifics in the G20 communique.
"Energy is now at the heart of the G20's agenda and G20 energy ministers will meet for the first time next year to take this work forward," said Australian Prime Minister Tony Abbott, the 2014 host. Turkey takes over for 2015.
The emergence of energy as a central G20 platform comes with oil prices diving well below the $80-per-barrel mark. Global prices have collapsed by some 30% since June.
In a report to the G20 ahead of Brisbane, the International Monetary Fund said the "recent appreciable fall in oil prices, if sustained, will boost growth".
But the lower prices are hurting some crude exporters, including Venezuela, Iran and G20 member Russia. The latter two are also struggling with the impact of Western sanctions.
