Qatar has restarted liquefied natural gas shipments after a projectile attack on one of its tankers stalled exports. The 29-year-old gas tanker Al Rayyan left the Gulf without transponders or lights, with security assurances from the US Navy.
The Al Rayyan was headed to Sohar on Sept. 10. Shipments had largely stopped by late August, when attacks on Qatar-linked tankers continued, including a new wave the week before publication.
A costly stoppage
Bloomberg calculations based on long-term delivery prices put Qatar’s lost sales at about $1 billion for every week Ras Laffan is not exporting. The International Monetary Fund estimates Qatar’s economy will contract 15.6 percent this year.
Qatar was second only to the United States as an LNG exporter before the war, and it holds nearly a fifth of global supply.
A route under strain
Toby Copson, managing partner at Davenport Energy in China, said the model had to adapt. “Its entire model is based on shipping huge volumes through the strait,” he said. “If Qatar can establish a more regular export route, it would start to ease one of the biggest constraints on the global LNG market.”
Peter Clarke, senior vice president for LNG at ExxonMobil, called Qatar “absolutely a cornerstone for global energy security” and said it would continue to play an important role.
Related: Gulf oil exports near 22-23 million bpd, Goldman says
