17 Hrs
Source:
الاقتصادية
Iran conflict boosts LNG prices in Asia
Natural gas prices in Asia have risen to their highest level in nearly four years, following an incident where tankers were shot at near Yemen, raising concerns about the recovery from conflicts in the Middle East. Spot prices surged to $30.4 per million British thermal units, the highest since December 2022, due to increased attacks on oil and gas ships and Qatar’s gas production being hampered, which accounts for about one-fifth of the world's supply. Additionally, demand has grown with winter approaching, causing prices to triple pre-conflict levels, amidst competition with Europe and gas inventories dropping to 75% of seasonal norms, which stand at 89%. This increase exacerbates the energy crisis, putting additional pressure on electricity bills and inflation, as some countries turn to coal and nuclear energy to meet the rising demand for electricity.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)