QatarEnergy halts LNG and downstream production amid Middle East crisis
QatarEnergy has halted liquefied natural gas (LNG) production and downstream activities including urea, polymers, methanol, and aluminum production. The decision follows military attacks on its facilities in Ras Laffan and Mesaieed, escalating Middle East tensions between the US, Israel, and Iran. Qatari LNG accounts for 20% of global supply, impacting Asian and European markets. Global oil and gas shipping rates surged to record highs as Iran targeted vessels in the Strait of Hormuz, a critical oil transit route. In Nigeria, Dangote Petroleum increased Premium Motor Spirit (PMS) prices by N100 to N874 per litre, signaling renewed petrol price pressure nationwide.