Grupo Vanti, the Andean nation’s biggest natural gas distributor, announced that starting this month prices in cities like Bogotá and Medellín will rise as much as 36 percent as a shortage of the fuel forces Colombia to rely on imports. Industry group Naturgas also confirmed that other companies are also charging more given shipments of liquefied natural gas are two or three times more expensive than domestic supplies.
Heading into November 2022 with the firm knowledge that intra-OPEC+ cohesion has been restored to the fullest and the oil group has been given a new long-term ambition, pricing decisions for Middle Eastern cargoes loading next month faced an uncanny dilemma.