Australian LNG developer Santos has agreed to LNG supply deals with South Korea’s POSCO Steel and US-based Western LNG.

Novatek-owned Arctic LNG 2 has filed an arbitration claim seeking $1bn in compensation from South Korea’s Hanwha Ocean for voided contracts for the construction of LNG vessels.

The price of oil is expected to rise steadily as “reserves dipping” is close to ending. Many traders and oil companies say that the oil price should be higher and expect it to rise in the next couple of months.

Ukraine’s state-run Naftogaz has agreed to a Memorandum of Understanding with Kino Aski LNG to examine potential cooperation on imports of Canadian LNG to Europe.