Iranian Drone Attack Sparks Global Gas Crisis
Image Source: Internet
Qatar has shut down its massive LNG production facility after an Iranian drone attack, sending European gas prices soaring by 54%.
The Ras Laffan plant, which accounts for a fifth of global LNG supply, has been halted, threatening energy security and rattling global markets.
European gas futures jumped by the most since the 2022 Ukraine crisis, while LNG shipments from the Middle East have been disrupted due to the Strait of Hormuz closure.
Analysts warn that the disruption could lead to a global gas crisis, with prices expected to rise worldwide.
QatarEnergy has declared force majeure, allowing it to miss contracted LNG deliveries, and the US is unlikely to be able to offset supply from Qatar in the near-term.
Disruptions in the Middle East could also raise spot LNG demand from Turkey and prompt major importer Egypt to seek more LNG cargoes.
