Doha, Qatar – Web Desk: Qatar has temporarily suspended its natural gas exports after halting production this week, raising concerns over a potential global LNG shortage.
The move comes as Iran reportedly closed the strategic Strait of Hormuz in response to Israeli and U.S. military actions, disrupting one of the world’s most crucial shipping lanes. Qatar, which accounts for nearly 20% of global liquefied natural gas (LNG) exports, relies entirely on the Hormuz corridor for its shipments.
Industry experts warn that restoring normal production could take at least a month, intensifying competition for LNG cargoes across the Atlantic and Pacific markets. Key buyers including Europe, Pakistan, South Korea, India, Japan, and China may face supply disruptions and rising prices.
As global demand surges, LNG freight rates and European and Asian gas prices have climbed to multi-year highs, signaling significant market volatility. Analysts emphasize that continued uncertainty over Hormuz could have prolonged impacts on energy markets worldwide.
