RIYADH: Natural gas traders are preparing for market disruptions after Qatar announced that the complex housing the world’s largest liquefied natural gas facility had suffered “widespread damage” following several Iranian strikes.
QatarEnergy said in a statement on Thursday that several LNG facilities at the Ras Laffan site, which typically produce around a fifth of global supplies, were hit by missile attacks, sparking fires and causing extensive damage.
While shipments from the plant had already halted earlier this month due to the war, the latest strikes threaten to keep gas prices high in Europe and Asia for longer.
Saul Kavonic, an energy analyst at MST Marquee, said: “The attacks on Ras Laffan could cause a long-term global gas shortage.” He added: “It’s (the attack) significant because even after the war ends, the impact on supplies could persist for months or even years, as repair work is carried out and replacement parts are sourced.”
Sharp rise in prices and expectations of extended disruptions
