Gas Prices in Europe Surge 50% After Qatar Halts Production

SadaNews - The price of European natural gas rose by 50% during trading on Monday following Qatar's suspension of liquefied natural gas production.

QatarEnergy announced today the suspension of liquefied natural gas production and related products due to military attacks targeting facilities in Ras Laffan and Mesaieed.

The German news agency reported the company stating: "QatarEnergy values its relationships with all relevant parties and will continue to communicate available information."

Financial markets Egyptian pound The dollar price in Egypt continues its surges, approaching 50 pounds.

Earlier, the Qatari Ministry of Defense reported that two Iranian drones attacked a water reservoir at the Mesaieed power generation station and a facility belonging to QatarEnergy in Ras Laffan.

Furthermore, Bloomberg news agency reported that standard gas futures surged by up to 25%, marking the largest increase since August 2023, after the movement of oil tankers through the Strait of Hormuz was nearly completely halted at the beginning of this week.

It is noteworthy that the narrow waterway is a major energy shipping route, transporting about one-fifth of the world's liquefied natural gas exports, and oil prices have also seen a significant rise.

While Asian countries import most of their liquefied natural gas from the Middle East, any disruption in energy supplies is expected to intensify competition for alternative energy sources, which will lead to rising prices globally, including in Europe.