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LNG shipments start moving through Hormuz in long road to recovery
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Qatar sent its first liquefied natural gas cargo through the Strait of Hormuz in weeks, while oil company ADNOC is also moving ships into position for loadings, Bloomberg reported — signs that production may ramp up if flows are sustained.
Before the war, roughly a fifth of the world’s LNG passed through the strait, and the disruption has left Asian buyers scrambling.
Pakistan and Bangladesh have spent about $1.9 billion replacing canceled Qatari cargoes — more than double the cost of the lost Gulf deliveries, according to Bloomberg’s Stephen Stapczynski.
The small number of ships now moving indicates a slow recovery.
The company has bought around $1 billion of LNG cargoes from the US this year to help ease supply disruptions for some of its Asian buyers, Reuters reported.