Liquefied natural gas production facility in Ras Laffan, Qatar, on March 3.
Source: Picture Alliance/DPA/Getty Images
Strikes on Qatar's LNG Crown Jewel Will Reshape the Future of Gas
The industry is staring down prolonged disruptions in the Persian Gulf. Emerging economies are already paying the price.
Each week the world’s largest liquefied natural gas plant remains shut, the world loses the equivalent of enough energy to power Sydney’s homes for an entire year. Buyers are now bracing for an outage that could ripple through markets for years.
Qatar’s Ras Laffan plant closed earlier this month after an Iranian drone attack, the first interruption to supply in three decades of operation. After further hits — in retaliation for an Israeli strike on the vast South Pars fields on Wednesday — the complex has suffered extensive destruction that will take up to five years to repair.