OPEC Agreement

Oil price recovery will help LNG price

The recovery in oil prices would see major impacts on PNG’s economy with increased revenue from oil and liquefied natural gas (LNG) sales.

The fall in oil prices has been a double blow for PNG, with revenue from petroleum production suffering as well as LNG from the PNG LNG Project.

According to the International Monetary Fund (IMF), LNG prices are directly linked to oil prices and any change in the latter affects the former.