QatarEnergy declared force majeure on some long-term liquefied natural gas supply contracts, impacting Europe and Asia.
The force majeure, which allows a party to get out of fulfilling its obligations during extreme or uncontrollable circumstances, would apply to customers in Italy, Belgium, South Korea, and China,Trump kills two offshore wind farms by buying projects for nearly $1 billionstate-owned energy giant.
That has caused the company to halt production and led to supply shortages and rising LNG prices. It added that it would take up to five years to repair damages, compelling it to declare force majeure for up to five years on some long-term contracts. The latest strikes follow earlier attacks at the start of the war when Iranian drones hit QatarEnergy facilities at Ras Laffan and Mesaieed, prompting a production pause.70% of its production to Asia, and 25% to Europe. In addition, Ras Laffan is the world’s biggest LNG export plant, making up almost 20% of global LNG supply. Experts previously warned that any extensive damage to Ras Laffan could threaten global energy security. The United States’s supply of LNG has not been affected. The U.S. is the world’s top exporter. Still, the war in Iran has sent global energy prices soaring as the Strait of Hormuz, a key trading route off the coast of Iran, has remained effectively closed, causing oil prices to surge. President Donald Trump said on Monday that the U.S. and Iran are undergoing talks to end the conflict and open the strait.
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