A pay agreement at Ichthys LNG facilities removes a key supply disruption risk amid tight global gas markets.
A weeks-long strike at Australia’s Ichthys LNG facility concluded after trade unions and operator Inpex reached a pay and benefits settlement. The deal, endorsed by over 430 workers, ends industrial action that had halted Train 1 operations on Tuesday, according to union statements.
The strike, which began June 3, had threatened to disrupt nearly 9% of global LNG supply, exacerbating tight market conditions. Prior disruptions at other Australian LNG plants had already lifted Asian spot prices by over 10% in the past month.
The resolution is expected to stabilize near-term supply forecasts, though lingering tightness may keep prices elevated.