India will buy an additional 1 million tonnes per annum of LNG from Qatar at a new pricing formula.
New Delhi: Qatar has agreed to lower the gas price for India, and waive off a $1.5-billion penalty for lower offtake.
LNG prices are expected to fall by $5.50 per mmBtu after Qatar agrees to reflect the slump in energy rates in its India gas deal.
India will buy an additional 1 million tonnes per annum of LNG from Qatar at a new pricing formula.
On December 29, Saudi Arabia has raised its petrol prices by up to 40 percent as it cuts a range of subsidies after posting a record budget deficit.
Saudi Arabia projected a deficit of $87 billion as it issued its 2016 budget, the kingdom's third annual shortfall in a row due to the oil price slump.
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