Qatar's Ras Laffan plant, the largest producer of liquefied natural gas, has shut down after an Iranian drone strike. This is the first interruption of supply in almost 30 years. Global energy markets are reacting with a sharp rise in prices.
Shutdown of the Qatar LNG plant
Qatar's Ras Laffan liquefaction plant has shut down after an Iranian drone attack. This is the first interruption of liquefied natural gas supplies from Qatar in almost three decades.
The company is the largest producer of LNG in the world. The extent of the damage and the timeframe for resuming operations are currently unknown.
Impact on the energy market and prices
Every day of downtime increases the burden on global energy markets and economies. Experts warn of the risk of the largest gas crisis in the world.
Oil prices prices continue to rise. As of this morning, a barrel is worth $113.50, up $3.6% from yesterday. This is the highest since the start of the Iran-Israel conflict and the highest since June 2022.
Context.
The war in the Middle East is already affecting energy markets, increasing risks to global gas and oil supplies. Qatar is one of the key exporters of LNG, and its shutdown could permanently change the structure of the global energy market.
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