Qatari LNG Disruptions to Persist Through Winter, JERA Warns
The global energy sector is facing a precarious winter heating season due to disruptions in Qatari liquefied natural gas (LNG) exports through the Strait of Hormuz. According to JERA's chairman and CEO, Yukio Kani, these disruptions are expected to persist into winter.
JERA, the world's largest buyer of LNG, has warned that the supply shock is already evident in spot prices for liquefied natural gas, which have doubled compared to last year. This price surge reflects growing anxiety among market participants regarding winter inventory resilience and the structural reliability of global delivery chains.
The Strait of Hormuz bottleneck is at the core of the crisis. No Qatari LNG tankers exited the Strait during August 2026, effectively removing millions of cubic meters of gas from the global ledger. Prior to the escalation of the Middle East war, Qatar accounted for approximately one-fifth of the world's total LNG supply.
The collapse of the Iran-US ceasefire agreement has made the Strait impassable for major energy carriers, exacerbating a severe contraction in Middle Eastern market share. Europe and Asia are now competing fiercely for alternative cargoes, primarily from the United States and Australia, driving up spot prices and intensifying international competition.