US EditionQatar Halts LNG Production, Knocks Off 20% Of Global Output
QatarEnergy halted production after drone strikes on two LNG sites amid escalating Gulf attacks, causing European natural gas prices to surge over 50%, officials said.
- QatarEnergy suspended LNG production on Monday after Iranian drones struck facilities in Mesaieed and Ras Laffan, confirmed by the company and state news agency.
- The company declared force majeure after Iranian drones struck two sites, amid an unprecedented bombardment involving hundreds of missiles and drones following US and Israel strikes.
- Benchmark Dutch and British wholesale gas prices soared almost 50 percent, while benchmark Asian LNG prices jumped almost 39 percent on Monday after the QatarEnergy announcement, with traffic in the Strait of Hormuz falling by 86 percent, roughly 700 ships idle and at least 150 vessels dropping anchor.
- The European Union's gas coordination group will meet on Wednesday to assess the impact as Asian importers Bangladesh, India and Pakistan face direct pressure and Europe may also see strain.
- Experts including Maksim Sonin said the move will bring near-term volatility, given QatarEnergy's 77 million tonnes capacity, but a crisis isn't imminent.
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Markets latest: Huge spike in natural gas price - as Qatar halts production
Natural gas prices have spiked 30% after Qatar suspended production amid the Iran conflict. Oil prices are also up. If it continues, all this could hit Britons via inflation, a delay to interest rate cuts and at the forecourt. Follow the latest on the global markets.
Qatar halts LNG output as Iran conflict hits Gulf energy infrastructure – The Mail & Guardian
The conflict between the US, Israel and Iran has moved beyond direct military exchanges and into the energy infrastructure that underpins global supply chains. The escalation follows US and Israeli air strikes inside Iran that killed Ayatollah Ali Khamenei and according to Iranian authorities and the Iranian Red Crescent Society, more than 550 people across the country. Iranian officials say about 180 of those killed were schoolgirls, in a stri…
Qatar's state-owned energy company announced a halt to liquefied natural gas (LNG) production following an Iranian attack on its facility, causing European natural gas futures prices to surge by more than 50%.
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