By yeckingo1 on Skatehive
The recent Iranian missile strikes on Qatar’s Ras Laffan Industrial City have delivered a severe blow to the heart of the global liquefied natural gas (LNG) market. Ras Laffan, the world’s largest LNG processing hub responsible for roughly 20% of global supply, suffered extensive damage. QatarEnergy immediately halted LNG production, declared force majeure on multiple contracts, and suspended operations across affected facilities, knocking out approximately 17% of the country’s export capacity. CEO Saad al-Kaabi stated that repairs to the damaged LNG trains could take between three and five years, with annual revenue losses estimated at around $20 billion from LNG, condensates, and related products. Qatar is not a major crude oil producer, but its economy relies heavily on the North Field, the planet’s largest natural gas reservoir shared with Iran. Prior to the attacks, the country was exporting about 81 million tons of LNG per year and pushing an ambitious expansion plan to reach 126