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Tuesday, September 26, 2023

Australia: Strikes at LNG plants reignite fears of gas price hikes

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These units account for over 10% of global LNG supplies

Αυστραλλα: Απεργλεσσερ ;γοστασια LNG φερνουν ξανα τον φoβο α&nu

Gas plant strikes in Australia pose a risk to the global economy and could lead to higher consumer bills.

While demand for the fuel in the northern hemisphere is still subdued, the prospect of prolonged plant shutdowns has send wholesale gas prices soaring.

The fears are fueled by disputes over pay and labor at Australian plants owned by Chevron and Woodside Energy Group. These units account for over 10% of global LNG supplies. The bulk of the LNG produced at these plants is headed to Japan and South Korea, but a complete shutdown would have serious implications for the global supply chain.

The strikes highlight the fragility of global gas flows. more than 17 months after the market collapse from Russia's war in Ukraine. Europe, hit hard by Russia's decision to curb pipeline flows, remains at risk, particularly in the event of a severe winter.

Australia competes with Qatar and the United States as the leading LNG supplier, although plans to expand the production of the first two will apparently leave the Oceania country in third place.

With information from Bloomberg, Clayton Country Register

Source: www.kathimerini.com.cy

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