US EditionGlobal Natural Gas Markets Are A Bigger Problem Than Oil Right Now
Iran’s strike on Qatar’s Ras Laffan LNG facility reduced output by 17%, cutting 12.8 million tonnes yearly and delaying planned expansion to 2030.
- An Iranian attack on the Ras Laffan Industrial City production site in Qatar destroyed two LNG trains on March 18, disrupting critical energy operations at the facility.
- The strike incapacitated 17 percent of Qatar's LNG export capacity, resulting in a loss of about 12.8 million tons per year lasting three to five years.
- Energy Minister Saad Sherida told Reuters that rebuilding will cost $26 billion, with Qatar facing about $20 billion in annual energy revenue losses during the recovery period.
- With The Strait of Hormuz functionally closed, global gas prices have surged, straining Europe and Asia, which depend on the Middle East for electricity, heating, and cooking.
- Economist Michael Orlando notes that if countries shift to renewables or coal, gas prices could drop faster, while the International Energy Agency monitors shifting global production capacity.
13 Articles
13 Articles
MICHAEL SHELLENBERGER: ‘Decades Of Climate Alarmism Behind Energy Crisis’ – ‘Biden blocked liquified natural gas export terminals, leaving global economy vulnerable to war-time disruption’
BY MICHAEL SHELLENBERGER Excerpt: Stock markets around the world are crashing after the destruction of a single, massive liquefied natural gas (LNG) facility in Qatar by Iranian missiles last night…
Attack on Ras Laffan LNG facility in Qatar jolts gas markets
The Iranian strike that destroyed liquefied natural gas facilities in Ras Laffan, Qatar, last week has set off ripples that will affect the global economy until the end of the decade. The attack knocked out two LNG trains and a gas-to-liquids unit, cutting about 12.8 million tons a year of LNG…
The globalized high-tech world is more fragile than many people believe. With the closure of the Hormus road and the Iranian attack on the LNG plants in Qatar, production of the helium that is important for the semiconductor industry was also interrupted. Helium is suddenly becoming a critical threat to the global semiconductor industry. The trigger: rockets, drones and a geopolitical fire in the Middle East. Qatar supplies around a third of the…
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