zerohedge.comFactualityFactuality is a Premium featureRightRightBased on the outlet's overall lean; article framing check pending

Qatar (Shockingly) Becomes Largest Buyer Of US LNG Amid Hormuz Crisis Authored by Tsvetana Paraskova via OilPrice , Qatar is set to become the largest buyer of U.S. LNG, signing long-term deals for 7 million tonnes annually with Cheniere and Woodside. The Iran war has crippled Qatar's LNG industry, destroying 17% of export capacity, causing $20 billion in annual revenue losses and severely restricting shipments through Hormuz. QatarEnergy is diversifying away from its reliance on the Strait of Hormuz, turning to U.S. LNG supplies to protect its global market position and improve supply reliability. In an extraordinary turn of events, Qatar, the world's second-largest LNG exporter before the Iran war, will become the biggest buyer of liquefied natural gas from the United States , the producer that overtook the Gulf nation as top LNG exporter earlier this decade. This extraordinary turn of events is, of course, the result of the extraordinary disruption that the Iran war and the closure of the Strait of Hormuz inflicted on Qatar, the LNG producer whose expansion plans for the rest of this decade were rivaled only by the U.S. The war and the Strait of Hormuz crisis, which is still blocking much of Qatar's LNG exports, have upended these plans. State-energy firm QatarEnergy is now scrambling to repair the damage at its LNG facilities caused by Iranian missile attacks in March. These attacks took out 17% of Qatar's export capacity and caused an estimated loss of $20 billion in annual revenue , QatarEnergy said in March. Seven months later, Qatar is barely moving "very few" cargoes through the Strait of Hormuz as the protracted crisis chokes supply to markets of the LNG volumes that Qatar would have produced, even at reduced capacity. QatarEnergy has been forced to declare force majeure for up to five years on some long-term LNG contracts. Suddenly, Qatar faces tens of billions of dollars in losses from missed sales. More importantly, the perception that Qatar is a…

3 days ago · zerohedge.com · You are reading this one