MAJOR DISRUPTIONS
Australia is one of the world’s largest LNG exporters – and is a particularly crucial supplier to import-reliant northern Asia.
Some 40 per cent of Japan’s LNG comes from Australia, according to the Asia Natural Gas and Energy Association.
The US-Israel war on Iran has caused major disruptions to global supplies of both oil and LNG.
Qatar, the world’s second-largest LNG producer, has seen LNG exports plunge as fuel tankers steer clear of the Strait of Hormuz.
LNG prices in some parts of Asia have more than doubled.
Chevron is one of two major natural gas producers in Western Australia, alongside Woodside Energy.
Between them, the two companies account for more than 15 per cent of international natural gas exports.
With LNG profits set to soar on the back of the Middle East crisis, Australia is reportedly mulling a new windfall tax on fuel exporters.