Qatar Buys $1 Billion in US LNG to Offset Hormuz Disruptions

QatarEnergy (QE) has bought a significant amount of liquefied natural gas (LNG) from the US to offset disruptions caused by the closure of the Strait of Hormuz. The company purchased 33 spot LNG cargoes, which is more than eight times the number it bought last year.

The LNG shipments are worth around $1 billion and were delivered to countries such as South Korea, Taiwan, Bangladesh, India, and Japan. According to data analytics firm Kpler, 28 of these shipments have already been delivered, while five others are en route.

This move by QatarEnergy is seen as a gesture of good faith towards its customers, who rely heavily on the company's gas exports. The Strait of Hormuz disruption had halted Qatari gas exports through the waterway, which accounts for 20% of global oil and gas supplies from major producers in the Gulf.

QatarEnergy bought the LNG directly from US producer Venture Global LNG as well as from some of its customers. This purchase is a significant boost to US LNG exporters, who have benefited from increased demand for alternative supplies during recent conflicts.