Australia’s requirement for liquefied natural gas producers to reserve a fifth of exports for local use is set to apply to all projects and existing contracts, intensifying pressure on them to secure more supply.

European natural gas dropped, extending last week’s decline, on optimism that the US and Iran are nearing a deal that would reopen the Strait of Hormuz, a critical chokepoint for global energy supplies.

The world is underestimating how long the impact of the Iran war will last on global supply of liquefied natural gas, according to Australia’s top exporter of the fuel.

Australia must invest in producing more natural gas to avoid a domestic shortfall later this decade, fossil fuel executives said.

Australia’s liquefied natural gas sector is facing the prospect of industrial action at major export operations, adding another supply risk for Asian buyers already scrambling for cargoes after disruptions in the Middle East.

Australia’s liquefied natural gas sector is facing the prospect of industrial action at major export operations, adding another supply risk for Asian buyers already scrambling for cargoes after disruptions in the Middle East.

Australia’s big-battery build-out is starting to crowd the lucrative trade that made the assets attractive: buying up power when prices are low and selling it back when they spike, capturing the difference.

Batteries are helping cut Australia’s reliance on natural gas and lowering electricity costs, according to the country’s main grid operator.

Australia’s New South Wales state will open new areas for gas exploration for the first time in more than a decade, to shore up energy security ahead of shortfalls on the country’s populous east coast.

Australian Prime Minister Anthony Albanese said his government wouldn’t “undermine” existing liquefied natural gas exports with new taxes, warning that doing so during a global energy crunch would risk investment and fuel security.

Australia’s Woodside Energy Group Ltd. said it expects stronger prices for liquefied natural gas to boost its earnings in coming quarters due to time lags in its supply contracts.

Australia has given environmental approval to a multibillion -dollar undersea power cable project, linking the mainland to renewable power generated on the island state of Tasmania.

Australia is set to spare powerful liquefied natural gas exporters from new taxes, even as global supply disruptions drive up prices and profits and the national budget is set to remain deep in deficit across the forecast horizon.

Santos Ltd. is restructuring the company’s oil and gas business in order to cut costs, according to an internal notice seen by Bloomberg, after a string of stymied takeover bids in recent years that have raised pressure to increase shareholder returns.

Australian gasoline prices fell for a third straight week, as government measures eased some of the pain at the pump triggered by the war in Iran.

Installations are set to jump, led by Europe, the Middle East, Africa and Latin America.

Viva Energy Group Ltd. shares fell after the company said its Geelong refinery in Australia will boost diesel, jet fuel and gasoline production to about 90% of capacity over the next few weeks after a major fire forced it to cut output.

Falling costs, rising electricity demand and the Iran War are nurturing a boom in energy storage.

Chinese-controlled Yancoal Australia Ltd. agreed to acquire an 80% stake in the Kestrel coking coal mine in Queensland from a venture between EMR Capital Advisors Pty and Adaro Capital Ltd. for as much as $2.4 billion.

Western Australia is considering its own strategic stockpile of diesel with fuel paid for by the state after the Iran war led to shortages for key industries such as farming and mining.