Illustrative photo
The main reasons for the drop in export volumes are related to the situation in Qatar, and to a lesser extent in the United Arab Emirates. Both countries supply gas through the Strait of Hormuz, which is almost completely closed due to threats from Iran to attack tankers.
In early March, Qatar shut down its plant in Ras Laffan, which is the largest supplier of LNG. Additionally, on March 18, an attack occurred that damaged two out of 14 production lines. Repairing these lines could take years, Bloomberg reports.
Iranian authorities reported an attack on South Pars, part of the largest gas field that Iran shares with Qatar. This was the first strike on Iranian energy infrastructure since the beginning of the conflict with the US and Israel, which could lead to further escalation of the situation.
On February 28, the US and Israel launched a joint military operation against Iran, during which airstrikes damaged Iranian oil and gas infrastructure and resulted in the deaths of high-ranking officials, including Supreme Leader Ayatollah Ali Khamenei. In response, Iran began attacks across the Middle East.
