Qatar Buys Record Number of US LNG Cargoes Amid Hormuz Disruption

QatarEnergy, the state-owned energy company of Qatar, has taken measures to ensure the reliability of its gas supplies by purchasing 33 spot liquefied natural gas (LNG) cargoes from the US. This move comes after Qatar's gas exports through the Strait of Hormuz were halted, prompting the company to declare a force majeure. The 33 cargoes are valued at around $1 billion and represent one-third of QatarEnergy's monthly LNG exports before the conflict.

The cargoes have been delivered to customers in Asia, with 28 already received by South Korea, Taiwan, Bangladesh, India, and Japan. The remaining five are en route to these destinations. This purchase is a significant step for QatarEnergy, which typically purchases only four spot LNG cargoes per year. Most of this year's cargoes were acquired from US LNG producer Venture Global.

QatarEnergy's decision to buy these spot LNG cargoes aims to protect its reputation as a reliable supplier and maintain gas deliveries to key customers. The company has faced challenges in ensuring the stability of its gas exports due to the conflict in the Strait of Hormuz.