LNG

European natural gas and LNG prices have spiked because of the ethnic cleansing crisis facing Armenians in the South Caucasus region of the former Soviet Union and the European Union has been urged by French and Dutch politicians and others to end the gas supply agreement with Azerbaijan with the existing and new volumes aimed at southern Europe amid concerns the deal for increased supplies cannot be delivered anyway by 2027.

Crude oil prices jumped as much as 6.5 percent on April 3 after the Organization of Petroleum Exporting Countries Oil prices said it was reducing production by 1.6 million barrels a day with the move having a knock-on effect on liquefied natural gas prices.