ExxonMobil Slashes LNG Price To India In Bad Omen For Producers

Analysts said the fact India had managed to force ExxonMobil to renegotiate was the latest proof that buyers have the upper hand in a market where LNG spot prices are well below oil-linked contract prices that were signed during the oil boom.

"The risk of price renegotiations will become more acute over the next couple years as spot LNG prices remain depressed, even if oil linked prices rise," Wood Mackenzie's Kavonic said.

"The elephant in the room will be how negotiations play out with traditional markets in Japan and Korea, and especially the Chinese national oil companies."

(Editing by Richard Pullin)