QatarEnergy Buys $1 Billion in US LNG Cargoes Amid Hormuz Disruption

QatarEnergy has purchased 33 spot LNG cargoes from the US for delivery to South Korea, Taiwan, Bangladesh, India, and Japan. This move comes after Qatar declared force majeure on its liquefied natural gas shipments due to Iran's closure of the Strait of Hormuz, which halted 20% of global oil and gas supplies.

The purchases dwarf last year's four cargoes bought by QatarEnergy, with the 33 cargoes worth around $1 billion. The LNG was sourced directly from US producer Venture Global LNG as well as from some of its customers.

About 80% of Qatar's LNG shipments are typically exported to buyers in Asia, and this move is seen as a 'gesture of good faith' towards important customers. Venture Global declined to comment on the matter.