LNG

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.

Saudi Arabian Oil Company (Saudi Aramco), the largest oil exporter, increased its annual net income to $161.1 billion on stronger crude oil prices, higher volumes sold, improved margins for refined products and as the company strengthens natural gas production capacity and has built its first underground gas storage.