USD 63.8272

-0.64

EUR 70.6695

-0.86

BRENT 64.02

-3.79

AI-92 42.39

0

AI-95 46.11

-0.01

AI-98 51.9

-0.01

Diesel 46.15

+0.01

22

Tables are Turning

Japan demonstrates it finally has the 'upper hand'....

Japanese buyers have demanded a lower price for LNG if they are to extend their long term contract to import that commodity from Indonesia, an official said.

Head of the executive board of upstream sector of oil industry (BP Migas) Rachmat Sudibyo said LNG buyers from western Japan, Osaka Gas, Kansai Electric Power, Chubu Electric Power Corp. Tokyo Gas and Hiroshima Gas , Nippon Steel, Toho Gas and Kyusu Electric Power, are studying the proposal submitted by the Indonesian government .

"But they demanded a price lower than proposed by Indonesia," Sudibyo said.

He said growing number of LNG producers in the world has strengthened the bargaining position of buyers, turning the seller's market into buyer's market.