Commodities
Home›Commodities›Energy›Qatar LNG slump cuts sales by as much as 96% amid Horm…
Qatar LNG slump cuts sales by as much as 96% amid Hormuz disruption
Qatar says damage to its Ras Laffan complex could cost about $20 billion per year and take up to five years to repair, prompting force majeure on some long term contracts.
OilPrice, citing Reuters calculations, says Qatar has lost $24 billion in LNG sales in the six months since the Iran war crippled exports through the Strait of Hormuz.
Exports tumbled by as much as 96%, with the number of LNG cargoes Qatar shipped falling to 18 versus 509 in the same period a year earlier, according to data intelligence firm ICIS cited by Reuters.
The outlet reports the supply shock has pressured global LNG markets, including Europe struggling to fill gas storage ahead of winter and the U.S. benefiting from higher prices and no-conflict-zone origin cargoes.
Qatar’s state firm QatarEnergy expects damage to Ras Laffan, the world’s biggest LNG-producing complex, to cost about $20 billion per year in lost revenue and take up to five years to repair, and has declared force majeure for up to five years on some long term contracts, OilPrice adds.