The extraordinary growth in Australia’s liquefied natural gas (LNG) industry, the main cause of recent rises in national greenhouse gas emissions, has stalled indefinitely, with decisions on more than $80bn of investments delayed due to a collapsed oil price sunk by coronavirus and a geopolitical price war. The price of Brent crude oil is less than half what it was in early January, having fallen again on Friday despite the Opec oil cartel and its allies reaching a supply deal to stop Saudi Arabia and Russia flooding the world with more oil than it can use. The Asian spot price for LNG, which is linked to the oil benchmark, is down about two-thirds in six months.
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