Qatar Turns to US LNG Amid Iran Conflict Disrupting Exports

The ongoing conflict in Iran and the Strait of Hormuz has disrupted Qatar's liquefied natural gas (LNG) exports, forcing the country to purchase $1 billion worth of U.S. LNG cargoes this year.

Qatar Energy, the state-owned national petroleum and natural gas company, declared force majeure on its LNG shipments after Iran closed the strait to shipping.

The 33 U.S. LNG cargoes purchased by Qatar are about a third of a month's typical exports shipped from Qatar under normal circumstances.

With LNG accounting for about 30% of Europe's gas imports, European utilities are having to bid against higher-priced demand for supplies.