00:00Qatar shut the world's largest liquefied natural gas export facility after it was
00:04attacked by an Iranian drone. Here's why that matters as conflict in the Middle East
00:07continues after the US and Israel struck Iran. The Ras Laffin facility supplies roughly 20%
00:13of global LNG, which is used for everything from power generation to fertilizer production,
00:19and even supplies gas to households. After the plant was shut, European gas prices
00:23briefly jumped more than 50%, but the real impact extends far beyond that,
00:28hitting households and countries around the world. LNG ships have stopped traveling through
00:33the Strait of Hormuz, the crucial waterway which all LNG from Qatar must pass to get to customers
00:40in Europe and Asia. This could result in higher power bills for households and industries,
00:45and shortages for cash-strapped countries that just can't afford the gas.
00:48Four-fifths of Qatar's LNG is exported to buyers across Asia. China took 30% of its LNG from Qatar,
00:55India's biggest LNG supplier is Qatar, and Pakistan gets 99% of its LNG from Qatar.
01:02In the best case scenario, if this outage is resolved within a few days, then it will be a short
01:07but
01:07expensive blip. But if this outage continues for weeks or months, then we could start to see a price
01:13war between Europe and Asia for spare LNG supplies, and this could drive up prices globally. For now,
01:19it depends on how the war in Iran unfolds. President Donald Trump has said that the US
01:25would keep up its military offensive against Iran for as long as it takes.
01:28As for the ambassador to之内, business that responds to Europe X.
01:290037-2189,
Comments