Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the
Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.
QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy, Belgium, South Korea and China after the attack meant a loss of around 17% of Qatar's liquefied natural gas exports for between three and five years.
Gas prices in Europe soared as much as 35% on Thursday and oil jumped as much as 10%, before paring gains by mid-afternoon.
"I never in my wildest dreams would have thought that Qatar would be - Qatar and the region - in such an attack, especially from a brotherly Muslim country in the month of Ramadan, attacking us in this way," al-Kaabi said.
The energy industry has for years feared a conflict in the region would cause long-term damage to oil and gas facilities and trigger shortages in global energy supplies.
DOOMSDAY SCENARIO
Analysts say Israel's attack on Iran's South Pars gas facilities on Wednesday and the
Content Original Link:
" target="_blank">
