According to The Australian Financial Review, a resurgence in the gas crisis gripping Europe presents a boon for the Australian economy and local producers, as European leaders enter a standoff over critical supplies from Russia, which has fuelled a global energy crunch and sent petrol prices soaring.
Russian President Vladimir Putin has demanded European buyers begin purchasing oil and gas using the Russian rouble instead of euros or dollars, a request that leaders have refused to agree to.
Scrambling to find alternative supplies, Europe is expected to look to Australia, which could lead to higher returns particularly for Woodside, which earmarks up to one-quarter of its LNG to be sold into short-term and spot markets.
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