Qatar’s LNG export halt extends to longest since at least 2008

QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar. (Courtesy: Reuters photo)

The world’s biggest liquefied natural gas export plant in Qatar hasn’t exported a shipment for five days — the longest streak in data going back to 2008 — threatening to further boost prices for the fuel.

A loaded tanker hasn’t left the Ras Laffan facility in five days, according to a Bloomberg analysis of Kpler ship-tracking data. No LNG ship traversed the Strait of Hormuz after February 28, when the US and Israel began strikes on Iran.

The unprecedented closure of the liquefaction plant, which supplies nearly 20% of the world’s LNG, came after an Iranian drone attack early last week — resulting in a jump in gas prices in Europe and Asia. Ras Laffan did load a handful of shipments after stopping output, likely using fuel from storage tanks, the last of which was on Friday.

Most of Qatar’s supply goes to importers in Asia, which are seeking replacements or just reducing supply to end-users, such as fertilizer plants and industries. An extended outage would tighten the global LNG market and could trigger shortages in cash-strapped emerging nations.