LNG and fuels crisis rattles Asian economies
A worsening LNG and fuel supply crunch is hitting Asian economies, pushing up electricity prices, shipping and airfare costs. The United Nations Development Programme estimates that Middle East‑related disruptions could inflicting about $299 billion in economic losses on the Asia‑Pacific region, with around 8.8 million people are at risk of being pushed into poverty.
Middle East LNG shock could develop into a food crisis, Vitol warns
Vitol’s head of LNG, Pablo Galante Escobar, has warned the halt in Middle Eastern supply could develop into a food crisis, unless transits through the Strait of Hormuz resume. Longer term, the Gulf market could lose 20 mtpa of LNG supply growth in 2027 and 2028, because of damage to Qatari capacity and delays to new regional projects.
Australia mulls windfall tax on energy majors as LNG prices soar
Australia’s Prime Minister Anthony Albansese is considering a windfall tax on gas producers as LNG prices surge, asking to model new levy options for the gas industry. Government data showing LNG exports worth about A$65.4 billion and volumes of 79.8 million tonnes in the 12 months to April 2025.
