The world faces the risk of gas shortages due to the war in the Middle East: when could fuel shortages begin
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The global gas market is facing a shortage due to the war in the Middle East and the blockade of the Strait of Hormuz. Fuel shortages could begin within 10 days amid a sharp reduction in supplies.
This is reported by the Financial Times .
According to journalists, supplies of liquefied natural gas from the Persian Gulf countries could decrease sharply due to the blockade of the Strait of Hormuz and attacks on Qatar’s energy infrastructure. This has already caused gas prices to rise in Europe and Asia.
Qatar, which supplies about 20% of the world’s LNG production, was forced to halt exports after Iran blocked the strait at the start of the conflict. The situation was further complicated by attacks on the Ras Laffan gas complex.
Meanwhile, some of the tankers loaded before the war began are still en route, but no new deliveries are coming in. According to ship tracking data, only 1 tanker is currently heading to Asia, while 6 deliveries are expected to Europe.
Importing countries are forced to look for alternatives, buy more expensive gas or reduce consumption. The most vulnerable is the situation in Pakistan, which imports almost 99% of its LNG from Qatar. The country’s two terminals have already reduced operations to 1/6 of their normal level.
“After this, the gas will run out. We don’t know when the next batch will arrive,” said Pakistan GasPort chief Iqbal Ahmed.
Pakistan has tried to buy gas from Europe, the United States, Oman and other countries, but prices have proven too high. The cost of LNG in Asia has doubled since the war began, reaching about $23 per million British thermal units.
Similar problems are emerging in Bangladesh, which is already imposing restrictions on gas consumption. Taiwan is trying to make up for the shortage and has contracted 22 deliveries until the end of April.
China and Japan are considering increasing spot market purchases, as well as a return to alternative energy sources, including coal and nuclear generation.
Experts say that even if shipping through the Strait of Hormuz resumes, the market will remain tight. According to Qatari authorities, about 17% of the country’s LNG production capacity will be out of service for 3-5 years.
Let us recall that EU High Representative for Foreign Affairs Kaia Kallas and UN Secretary-General Antonio Guterres want to open the Strait of Hormuz, creating an analogue of the “grain corridor” in Ukraine .
Earlier it was reported that Iran had blocked the Strait of Hormuz in the Persian Gulf , a key route for oil supplies from the Middle East. The movement of oil tankers in the strait has been effectively halted, and ships have reduced their speed to zero.
As is known, in his first statement, the new leader of Iran emphasized that the Strait of Hormuz will remain closed . According to him, this is pressure on Israel and the United States.
The day before, it became known that hostilities between the United States, Israel, and Iran have caused serious disruptions in the supply of aluminum , which provides about 10% of global production.
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