Workers at liquefied natural gas projects in Australia operated by oil major
Chevron
went on strike Friday after talks with employers broke down.
The industrial action could disrupt global supplies of natural gas, which were impacted last year after Russia invaded Ukraine. Australia is the world’s biggest producer of LNG. European natural-gas prices were up 9% on Friday. U.S. gas prices were up about 2%.
No further talks are scheduled at present after five days of discussion, mediated by the Fair Work Commission, an Australian regulator. The dispute concerns pay, overtime, job security and rosters, and the strikes are designed to escalate over coming weeks.
Chevron (ticker: CVX) didn’t immediately respond to a request for comment. Shares were up 0.3% at $167.20 in premarket trading.
Write to Brian Swint at [email protected]
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