"This will bring down the economies of the world. If this war continues for a few weeks, GDP growth around the world will be impacted. Everybody's energy price is going to go higher. - Saad al-Kaabi, Qatar's energy minister and CEO of its state-owned energy company"
"Normally, one-fifth of all globally traded petroleum products and liquefied natural gas passes through the strait. Qatari exports are a massive part of that mix, especially LNG, with the country, around the size of Connecticut, accounting for around 19% of global LNG supply."
"Earlier this week, the Ras Laffan LNG export facility to the north of the country, the largest of its kind in the world, was targeted in an Iranian drone attack, forcing the plant to close down for the first time in its three decades of operation."
The conflict in Iran shows no signs of ending, risking prolonged destabilization across the Middle East and global economy. The region supplies one-fifth of globally traded petroleum and liquefied natural gas through the Strait of Hormuz, but tanker traffic has halted due to security concerns and cancelled war insurance. Qatar, accounting for 19% of global LNG supply, has nearly stopped all shipments. The Ras Laffan LNG export facility, the world's largest, was targeted in an Iranian drone attack and closed for the first time in thirty years. Energy leaders warn that continued conflict will reduce global GDP growth and increase energy prices worldwide.
#iran-conflict #global-energy-crisis #oil-and-gas-supply-disruption #strait-of-hormuz #economic-impact
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