The closing of the Strait of Hormuz stranded tankers from Qatar and the United Arab Emirates, which together provide 20 percent of global LNG. Asia has been especially hard hit because it imports 80 percent to 90 percent of the supply from the Persian Gulf. The reopening of the strait will not restore all of the lost supply. In mid-March, Iranian missiles knocked out 17 percent of capacity at Qatar’s Ras Laffan refinery, and QatarEnergy’s CEO said repairs could take five years.
The United States has made an aggressive push to be a bigger part of the global LNG market, with Trump seeking to secure major purchase agreements from
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