Qatar's LNG Exports Decrease by 96%

Qatar's liquefied natural gas (LNG) supply disruptions continue, prompting QatarEnergy to notify the Italian energy company Edison that the force majeure period for LNG deliveries will be extended until early November. Edison has stated that it will not receive five additional cargoes that were scheduled for delivery between the end of September and early November. Qatar's LNG production was damaged following the attack on the Ras Laffan industrial complex in mid-March, resulting in a loss of 12.8 million tons, which corresponds to 17% of its annual LNG export capacity. Qatar's LNG exports have decreased by 96% compared to pre-war levels, with the number of export cargoes dropping from 509 to 18 during the same period. The loss in Qatar's gas sales is estimated at $24 billion. Qatar accounted for about one-fifth of the world's daily LNG supply, but despite U.S. LNG exports filling some of the gap, European gas storage levels remain low. Asian spot LNG prices have reached a four-month high of $22/mmBtu. QatarEnergy has mentioned South Korea as a long-term contract customer, but this notification pertains to the Italian volumes.

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