Australia looks to fill Asia’s energy gap amid Ukraine crisis – Al Jazeera English

by | May 9, 2022 | Energy

Taipei, Taiwan – As the Ukraine war upends global commodity markets and triggers a scramble for resources, the crisis is redrawing the Asia-Pacific’s energy map. While the picture is far from clear, the region’s emerging contours are already having an outsized effect on the resource juggernaut of Australia.With similar trade profiles, Russia and Australia compete in many key markets, from gas and coal to wheat and barley, ideally positioning Canberra to fill the gap left by a sanctioned Kremlin.
Amid geopolitical uncertainties, many Asian markets have fallen back on the nearby, stable democracy to weather the storm.
Woodside, Australia’s largest exporter of liquefied natural gas (LNG), has reported soaring demand from democratic Asia. While American and Qatari LNG exports were redirected to Europe in March, Australia sent nine additional cargoes to South Korea and Japan and could yet gain more market share from Russia.
Meanwhile, the country’s coal miners have been scrambling to keep up with record demand, which has sent prices soaring. Newcastle coal futures, the commodity’s benchmark for Asia, rocketed to more than $400 per tonne in early March and currently remain about $350. Some producers reported in April that Australian coal sold out due to the rush.
“A lot of energy in Asia has been a-political,” Graeme Bethune, founder of EnergyQuest, an Australian-based energy advisory firm, told Al Jazeera. “But that is changing, as i …

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