LNG

Baker Hughes, the US liquefied natural gas equipment-maker and energy services company, reported a surge in net profits and revenues amid growth in orders including for gas field services in Algeria and LNG in Australia.

Long-term contract prices of liquefied natural gas linked to crude oil are set to increase in the weeks ahead as the Organisation of Petroleum Exporting Countries led by Saudi Arabia and other Non-OPEC oil-producing countries opted at a summit in Vienna to extend cuts in oil production through 2024 and with the Saudis making an additional reduction in their own output.