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Buyers Pay $40 Premium for Cooking Fuel as Saudi Supplies Shrink

  • India, Indonesia seek 674,000 tons of LPG in the spot market
  • China’s buying more from elsewhere as it shuns U.S. shipments
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As Saudi Arabia leads the way for OPEC by aggressively cutting output in a bid to shrink an oil glut, the impact is being felt in markets beyond crude.

While Crown Prince Mohammed Bin Salman swung through Asia last week, the kingdom’s customers in the region were scrambling to find enough liquefied petroleum gas. Supply of the gases -- including propane and butane that are used for cooking and heating -- is drying up as they’re byproducts of crude production.