# Global LNG prices hit 2016 high as OPEC agrees oil output cut

> Asian spot LNG prices rose about 30 cents to around $7.40/mmBtu, the highest of 2016, after OPEC and Russia agreed to cut crude output. Oil rose more than 10 percent to above $53 a barrel on the announcement.

- Date: 2016-12-02 · published 2016-12-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/73632-global-lng-prices-hit-2016-high-as-opec-agrees-oil-output-cut
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

With about 80 percent of Asian LNG contracts indexed to crude, the oil rally feeds directly into LNG contract and spot pricing, and higher shipping costs add further support.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-11-12 | [Oil prices climb as OPEC eyes output curbs](https://feedsoft.ai/events/62218-oil-prices-climb-as-opec-eyes-output-curbs.md) | -5.1% | -11.4% |
| BRENT | 2022-03-24 | [Global diesel shortage pushes oil prices higher](https://feedsoft.ai/events/5943-global-diesel-shortage-pushes-oil-prices-higher.md) | -8.0% | -13.5% |
| BRENT | 2017-08-31 | [OPEC oil output slips from 2017 high on renewed Libyan outages](https://feedsoft.ai/events/69357-opec-oil-output-slips-from-2017-high-on-renewed-libyan-outages.md) | +5.8% | +13.5% |
| BRENT | 2018-09-24 | [Oil prices at highest levels in 4 years after OPEC says it won't raise output \| CBC News](https://feedsoft.ai/events/63202-oil-prices-at-highest-levels-in-4-years-after-opec-says-it-won-t-raise-output.md) | +4.9% | +1.6% |
| BRENT | 2022-05-05 | [Opec+ sticks to June output plan as oil prices continue to rise   \| The National](https://feedsoft.ai/events/41320-opec-sticks-to-june-output-plan-as-oil-prices-continue-to-rise-the-national.md) | -2.5% | +8.0% |
| WTI | 2018-11-12 | [Oil prices climb as OPEC eyes output curbs](https://feedsoft.ai/events/62218-oil-prices-climb-as-opec-eyes-output-curbs.md) | -6.2% | -15.2% |
| WTI | 2022-03-24 | [Global diesel shortage pushes oil prices higher](https://feedsoft.ai/events/5943-global-diesel-shortage-pushes-oil-prices-higher.md) | -6.2% | -9.6% |
| WTI | 2017-08-31 | [OPEC oil output slips from 2017 high on renewed Libyan outages](https://feedsoft.ai/events/69357-opec-oil-output-slips-from-2017-high-on-renewed-libyan-outages.md) | +6.8% | +12.3% |

## Sources

- reuters.com: https://www.reuters.com/article/world/global-lng-prices-hit-2016-high-as-opec-agrees-oil-output-cut-idUSKBN13R0QA/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.