Australia is trying to strengthen its role as a stable supplier of liquefied natural gas amid disruptions in global energy markets due to the war in the Middle East. Due to the conflict between the US, Israel, and Iran, energy supplies through the Strait of Hormuz have significantly decreased, and oil and gas prices have sharply increased. This is reported by Bloomberg, writes UNN.
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Australian Resources Minister Madeleine King stated at the Indo-Pacific Energy Security Forum in Tokyo that the current situation has shown the vulnerability of global energy supply chains.
Australia, on the other hand, remains a reliable and trusted supplier
Changes in the global gas market
Due to instability in the region, LNG buyers have begun to review their energy portfolios. Some Japanese companies have already sold stakes in Australian gas projects, and some investors are reorienting themselves to new markets.
Despite this, Australia plans to launch a large LNG production project at the Scarborough field, which is expected to start operating later this year. Against the backdrop of the conflict in the region, a redistribution of global gas flows is also observed — some supplies that previously went to Europe are being redirected to Asia.