Why QatarEnergy’s LNG production halt could shake up global gas markets
Al Jazeera
Qatar supplies 20 percent of the world’s LNG. If that’s off the table, countries will need to scramble for the remaining gas, driving up prices.
QatarEnergy has suspended liquefied natural gas (LNG) production following a drone attack, straining the global LNG market.
On Monday, Iranian drones struck two sites, according to Qatar’s Ministry of Defence: a water tank at a power plant in Mesaieed Industrial City and an energy facility in Ras Laffan belonging to QatarEnergy, the world’s largest LNG producer.
While no casualties were reported, QatarEnergy suspended the production of LNG and other products at the impacted sites for security reasons.
The drone attacks hit the Ras Laffan complex, which is home to processing units for liquefied natural gas set to be exported.
The state-owned energy company was forced to declare what is known as force majeure, when a company is freed from contractual obligations in the event of extraordinary circumstances, such as a drone attack, according to Reuters and Bloomberg News, citing people familiar with the matter.
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