Global energy crisis looms as LNG supplies from Persian Gulf near halt
Countries around the world face an imminent energy crisis due to the potential sudden stop of liquefied natural gas (LNG) supplies from the Persian Gulf within the next 10 days. This was reported by Financial Times (FT) citing sources.
According to analysis by independent brokerage firm Affinity, many LNG carriers were loaded before the outbreak of war in the Middle East, meaning customers are only now beginning to experience the impact of the supply halt.
Importing countries are forced to pay sky-high prices for LNG sourced from the United States.
Only one shipment of LNG from the Persian Gulf is scheduled to arrive in Asia, which consumes nearly 90% of the region’s gas production, while Europe is expecting six shipments.
Qatar, which accounts for one-fifth of global LNG production, ceased exports following Iran’s blockade of the Strait of Hormuz.
This scenario could lead to further energy shortages and affect global markets amid rising energy demand. The consequences for consumers and industries may be significant, pushing nations to seek alternative energy sources or endure price volatility.
The coming weeks will be crucial for assessing the full impact of this crisis, with potential geopolitical developments that could either ease or exacerbate the situation.
