Iran bombs natural gas facilities in Qatar
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Iranian attacks have knocked out 17% of Qatar’s liquefied natural gas (LNG) export capacity, causing an estimated $20 billion in lost annual revenue and threatening supplies to Europe and Asia, QatarEnergy’s CEO and state minister for energy affairs told Reuters on Thursday.
Saad al-Kaabi said two of Qatar’s 14 LNG trains and one of its two gas-to-liquids (GTL) facilities were damaged in the unprecedented strikes. The repairs will sideline 12.8 million tons per year of LNG for three to five years, he said in an interview.
“I never in my wildest dreams would have thought that Qatar would be – Qatar and the region – in such an attack, especially from a brotherly Muslim country in the month of Ramadan, attacking us in this way,” Kaabi said.
Hours earlier Iran had aimed a series of attacks at Gulf oil and gas facilities after Israeli attacks on its own gas infrastructure.
It’s all a master stroke from the Affordability President:
A roller-coaster day for oil prices showed how they’re dictating where financial markets and maybe even the global economy are heading. Stocks tumbled in Europe and Asia when oil prices shot higher early on Thursday, but U.S. stocks pared their sharp losses as the day progressed and oil prices fell back.
The morning began with the shock of Brent crude, the international standard, briefly rising above $119 per barrel, up from roughly $70 before the war with Iran began.
The jump followed intensified attacks by Iran on oil and gas facilities around the Persian Gulf in response to an Israeli attack on an important Iranian natural gas field. They worsened fears that the war could knock out oil and gas production in the Middle East for a long time, which would mean high prices could last a while and cause inflation to rip higher around the world.
I don’t think Trump is going to get those 80% approval ratings he was anticpating.