Qatar Accumulates LNG Tankers to Increase Supplies Through the Strait of Hormuz

Qatar has gathered 12 empty LNG tankers in the Persian Gulf, indicating its readiness to increase supplies through the Strait of Hormuz. These vessels can hold approximately 1.1 million tons of liquefied natural gas, which accounts for about 2% of the carrying capacity of the global fleet of tankers of this class. Despite preparations to ramp up exports, there are no guarantees that the vessels will successfully pass through the Strait of Hormuz due to increased attacks on ships in the region. The prospect of increased supplies may help to curb global gas prices, which reached their highest levels since late 2022 in September. LNG traffic through Hormuz increased in September, but the total volume of supplies remains 75% lower than February levels. India has been forced to cut spot purchases to free up infrastructure for Qatari cargoes. Global LNG prices are expected to spike this winter due to low stocks in Europe and competition in the North Asian market.

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