Iran Strike Wipes Out 17 Percent of Qatar’s LNG Export Capacity

An Iranian strike last night destroyed 17% of Qatar's liquefied natural gas (LNG) export capacity, Reuters reports, with repairs expected to take three to five years. Based on pre-conflict market estimates, the strike eliminated roughly 3.5% of global LNG production in a single blow. QatarEnergy Faces Long-Term Force Majeure Saad al-Kaabi, CEO of QatarEnergy, told Reuters that the company may need to declare force majeure on LNG contracts for up to five years, affecting Italy, Belgium, South Korea, and China. "These are long-term contracts for which we may have to declare force majeure. We have already declared it for a shorter period, but now it will apply for any duration,” al-Kaabi said.