Benchmark wholesale gasoline costs for the European Union and UK rose about 10 per cent on Monday, Bloomberg reviews.
The Offshore Alliance union, representing staff from the Australian Workers’ Union and the Maritime Union of Australia, on the North West Shelf operations in WA, might down instruments by September 2 if no pay deal is achieved.
There are considerations that industrial motion at Woodside Energy Group’s North West Shelf facility would disrupt LNG exports from Australia.
Workers at two different offshore LNG vegetation, Gorgon and Wheatstone, run by Chevron, are additionally voting on strikes, with outcomes due on Thursday.
Collectively, the three amenities symbolize about 10 per cent of the worldwide LNG provide.
Australia, Qatar and the US are the main producers of LNG.
World gasoline costs jumped after Russia invaded Ukraine in February 2022 and the Kremlin reduce provides to Europe.
It triggered a race by European nations to search out new sources of the commodity, ramping up imports of pipeline gasoline from Norway and of LNG, largely from the United States and Qatar.
Europe’s success in filling the hole left by Moscow has helped pull pure gasoline costs down from a file excessive of about $US331 ($515) per megawatt hour hit final August.
Some analysts imagine strikes on the WA amenities would result in a surge in international demand and better costs.
Any discount in Australian exports to Asia might pressure prospects from that area to search for various provides in Qatar, the place they’d compete with European patrons.
A Chevron spokesperson stated earlier this month it was persevering with to interact with workers.
Woodside advised Reuters it had engaged constructively within the bargaining course of with unions.
Source: www.9news.com.au
