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Qatar Stops LNG Production at World’s Top Plant After Iran Drone Attacks: Report
QatarEnergy halted LNG output after Iranian drone strikes on key plants, affecting 20% of global LNG supply and triggering a 70% price surge in European gas markets, officials said.
- On March 5, Saad al-Kaabi, Qatar's Energy Minister and QatarEnergy CEO, warned all Persian Gulf energy exporters could suspend production within weeks if the Iran conflict continues.
- Shipping lanes have been effectively shut since February 28, with at least 10 vessels struck and major carriers including Maersk and Hapag-Lloyd suspending bookings.
- Qatar declared force majeure this week and suspended LNG output on Monday, evacuating around 9,000 offshore workers and dispersing its 128 LNG tankers globally.
- Kaabi warned prices could surge, forecasting crude oil at $150 per barrel and natural gas at $40 per MMBTU, while the $30bn North Field/South Pars expansion delays impact petrochemicals and fertiliser sectors.
- He warned the war could impact global GDP growth, and expects other Gulf exporters to invoke force majeure within days, with normalisation taking weeks to months.
192 Articles
192 Articles
Iran War Impact: Qatar Warns Gulf Oil Production Could Halt
Oil prices jumped Friday after Qatar warned that ongoing fighting in the Middle East could force Gulf energy producers to halt oil and gas production within days. Qatar’s Energy Minister Saad al-Kaabi said the escalating conflict threatens global supply chains and could severely disrupt the world economy, according to the Financial Times. Brent crude rose about 4.4 percent to roughly $89 per barrel. Al-Kaabi warned that prices could surge to $15…
The Middle East war could even “devastate” the global economy. Because if the conflict drags on, energy exporters in the Persian Gulf could shut down production one after another, Qatar’s energy minister told the Financial Times. According to Saad al-Kaabi, in such a case, oil prices could rise to $150 a barrel within two to three weeks. Qatar declared a state of force majeure this week after an Iranian drone attack on its Ras Laffan LNG facilit…
Oil prices surge towards $150 as Qatar warns of Gulf export shutdown
Qatar's Energy Minister gave a stark warning stating that the escalated tensions with Iran could force all Gulf energy producers to halt exports within a week.He warned of an increase in the price of crude oil to $150 per barrel as...
Eldiario.es
elperiodicodelaenergia.comThe Qatari Energy Minister warns that attacks on gas installations and the risk on the Strait of Ormuz can lead to a sharp rise in energyFuncas expects the war in the Middle East to cost Spain's GDP 0.2% and bring inflation above 3% The war escalation in the Middle East could force the oil and gas exporting countries in the Persian Gulf to suspend their production in a matter of weeks and cause a sharp rise in the price of energy. In addition, Q…
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