Qatar’s liquefied natural gas (LNG) exports have plunged by 96% following the effective closure of the Strait of Hormuz, sharply reducing one of the world’s most important sources of natural gas supplies. According to data intelligence firm ICIS cited by , Qatar shipped just 18 LNG cargoes during the reporting period, compared with 509 cargoes during the same period last year. The disruption is estimated to have cost Qatar around $24 billion in lost gas revenues.
The decline represents a major disruption to global energy markets. Before the war, Qatar accounted for roughly one-fifth of the world’s daily LNG supply, making the country a critical supplier to major energy-importing markets in Europe and Asia. The Strait of Hormuz is a key transit route for energy exports from the Gulf.
While some neighbouring Gulf oil exporters have reportedly managed to move crude through the strait covertly, Qatar’s LNG shipments have been much more severely affected. Two Qatari LNG tankers have also been attacked. Some of the lost Qatari volumes have been partially offset by rising LNG exports from the United States.
However, the disruption has added further pressure to an already fragile global gas market. Europe faces particular risks. Gas inventories in underground storage facilities across the continent are at historically low levels for this time of year, increasing concerns about supply availability ahead of the winter heating season.
With Qatar’s exports severely constrained and European storage levels under pressure, the market could face increased volatility and a sharp rise in gas prices as winter approaches. Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis. By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more. You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Extract — continue reading at the source.
