"A ceasefire can ease some of the immediate pressure on gas markets, but it does not wipe the slate clean. Significant damage to gas infrastructure means supply constraints will continue."
"While Liquefied Natural Gas [LNG] shipments are expected to resume, some of Qatar's LNG capacity will take years to fully rebuild. That loss of capacity puts pressure on the global market and keeps it vulnerable to shocks."
"The current shock, driven by Iran's closure of the Strait of Hormuz in retaliation for the attack, would reshape the global energy system."
The closure of the Strait of Hormuz led to a significant spike in oil and natural gas prices, impacting global economies. A recent ceasefire has reduced prices temporarily, but significant damage to gas infrastructure means supply constraints will persist. While LNG shipments may resume, rebuilding Qatar's LNG capacity will take years, maintaining pressure on the global market. The International Energy Agency suggests that the current energy crisis may accelerate a transition towards renewable and nuclear power, potentially reshaping the global energy landscape.
Read at Irish Independent
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