Chevron, Woodside seek to avoid strikes at LNG facilities

The news: Gas giants Chevron and Woodside are in talks with unions to avert potential strikes at their gas facilities, Reuters reported on Thursday. Woodside said "positive progress is being made", while Chevon confirmed it is continuing to engage with employees.

The numbers: Together, the companies' Australian facilities account for more than 10% of the world's liquefied natural gas exports. The possibility of strikes, which could happen as early as next week, has lit a match under European gas prices — they surged 40% on Wednesday to more than €40 ($67.15) for the first time since June.

The context: Rising energy prices are reigniting inflation concerns as Brent crude oil continues an upward trend it began in late June, rising to more than $US84 (A$128.39) a barrel yesterday. The Russia-Ukraine war, supply chain issues and increasing transport costs are all playing a part in the rising price of energy commodities.