Global LNG exports fall to six-month low due to Middle East war
Kyiv • UNN
Gas supplies decreased by 20% due to the conflict in the Middle East. The shutdown of a plant in Qatar and damage to infrastructure caused a market deficit.
Global liquefied natural gas supplies have sharply declined amid escalating conflict in the Middle East. Export volumes have reached their lowest level in six months. This is reported by Bloomberg, writes UNN.
Details
According to Kpler and Bloomberg, the 10-day average LNG supply has decreased by approximately 20% since the beginning of the month, to 1.1 million tons, which is the lowest since September.
The main reduction is due to Qatar and partly to the United Arab Emirates. Supplies from these countries are complicated by the situation in the Strait of Hormuz, which is a key route for gas exports to Europe and Asia.
Blow to Qatar and consequences
The market was significantly impacted by the shutdown of the world's largest LNG plant in Ras Laffan after Iranian strikes. Additional damage to infrastructure means that some production will not be restored for years.
Despite the growth of LNG production in the US and Canada, these volumes will not compensate for the losses. The conflict in the region has already disrupted the global gas market and may cause further supply disruptions.