Global gas markets are coming to grips with the second major supply shock in four years. The closure of the Strait of Hormuz is now set to extend into a second month, and LNG buyers are scrambling to find alternative supplies (MEES, 6 March).
The immediate loss of 83mn t/y capacity (20% of global capacity) from Qatar and the UAE would have been bad enough, but buyers are also having to come to terms with the fact that Qatari supplies will be reduced for up to five years. Iran’s missile strike on Qatar’s LNG facilities at Ras Laffan last week caused extensive damage to two LNG trains with combined capacity of 12.8mn t/y, that QatarEnergy CEO Saad al-Kaabi says will take three to five years to repair (MEES, 20 March). (CONTINUED - 1109 WORDS)
