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

QatarEnergy (QE) has made significant LNG purchases from the US to offset disruptions caused by the Iran war. The company bought 33 spot LNG cargoes this year, dwarfing last year's four purchases. These cargoes are worth around $1 billion and were delivered or en route to South Korea, Taiwan, Bangladesh, India, and Japan.

The purchases aim to reduce disruption to key customers after Qatari gas exports through the Strait of Hormuz were halted by Iran. The move was a gesture of good faith towards important Asian buyers, according to sources. About 80% of Qatar's LNG shipments are typically exported to Asia.

Venture Global LNG, a US producer, sold some of these cargoes directly to QE, while others came from Venture Global's customers. The US has become the world's largest LNG exporter in recent years, and producers like Venture Global have benefited from demand for alternative supplies during conflicts.