Australia not worried about oil shortages

Federal energy minister Angus Taylor has downplayed the risk of Australian motorists paying more at the bowser after attacks on Saudi Arabian oilfields.

Labor has referred Angus Taylor to the NSW police over an allegedly false document provided to a newspaper. Source: AAP

The man responsible for Australia's fuel stocks does not believe drone attacks on Saudi Arabian oilfields will drive up domestic petrol prices.

The drone strikes are expected to strip at least five per cent from global oil supplies, with some analysts predicting wholesale barrel prices could increase by 50 per cent.

But federal energy minister Angus Taylor has downplayed the risk of potential pain for Australian motorists.

"It's clear that there's no immediate threat to our supplies," Mr Taylor told ABC News on Monday.

"There are ample commercial stocks globally, and that's the key to making sure that this is as manageable as possible and that the impact is minimised."