12:26 - 19.03.2026

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March 19, Fineko/abc.az. The global gas market is facing the risk of a large-scale crisis after missile attacks on the largest LNG complex in Qatar's Ras Laffan, which caused fires and severe destruction.

ABC.AZ reports that the facility, which ensures nearly 20% of global supplies, has already been shut down, but now it may take months or years for its rebuilding.

The reaction of the markets was not long in coming. Since the start of the war with Iran at the end of February, gas contracts in Europe have already soared by more than 70%, and Asian LNG futures have jumped by 88%. On Thursday morning, panic even reached the U.S.: American futures, traditionally protected from global price fluctuations due to the country's status as a net exporter, gained 6.3% in early trading.

Traders note that the true scale of the disaster for the gas market will manifest itself with the opening of European trading. Since the plant was already de facto idle due to the transport blockade of the Strait of Hormuz, the markets placed risks only in the upcoming contracts. Now that the prospect of a quick restart of capacity has disappeared, price pressure will inevitably spread to futures for the summer and winter seasons, as well as contracts for 2027.

The decommissioning of the Ras Laffan sharply shrinks the global LNG market: instead of expected surplus, deficit is forming in 2026. Developing countries will be hardest hit, while developed economies will face slowdown in industry and rising tariffs.