ACCC: low oil and LNG prices hike medium, long-term supply risk

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By Adnan Bajic The onset of the COVID-19 pandemic in early 2020 saw the collapse of oil and gas prices to record low levels.

Illustration. Courtesy of Santos

In its Gas Market Inquiry 2017-2025 report, the Australian Competition and Consumer Commission’s (ACCC) noted that the full effect of the pandemic is still unclear. However, it is expected to hit both supply and demand for gas this year and beyond.

The fall in oil and LNG prices, while bringing some short-term relief to domestic gas users, has increased the supply risks facing the gas market over the medium to long term.

The watchdog noted that despite

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