The ongoing war in West Asia is now taking the shape of a global energy crisis. The Qatar gas plant that was attacked produced about 17 percent of the country’s total LNG production. This attack has caused huge damage and it may take three to five years to completely repair it. Due to this, the possibility of impact on gas supply and prices across the world has increased. In such a situation, this is a big loss for Qatar. Not only this, this attack has also increased the problems of those countries which were taking this gas from Qatar.
QatarEnergy head Saad al-Kaabi said that major infrastructure related to LNG production has been damaged in the attack. It cost about 26 billion dollars to build this plant. He said that due to this loss, Qatar may have to invoke force majeure in many of its long-term gas supply agreements. This will impact countries like Italy, Belgium, South Korea and China, which take gas from Qatar. This is the main reason why after this attack many countries appealed to stop the war. After this attack, America has also gone on the back foot somewhere. Because he called this attack an Israeli attack and said that we were not aware of it.
What is the major impact of the attack?
This attack has shocked the global energy market. Due to reduction in LNG supply, gas prices may increase in many countries. Experts believe that due to prolonged production disruption, the energy crisis may deepen and the search for alternative sources will intensify. At the same time, there are chances of inflation increasing in many countries.
Read this also- American action in Hormuz: Iranian naval bases targeted, US claims – were a big threat to ships
What did Qatar say?
Qatar’s Prime Minister has called this attack a big shock. He said that this has raised questions on regional relations and trust has been broken. However, he also said that Qatar wants peace and wants to maintain good relations with the people of Iran.
Will food security also be affected?
The World Trade Organization has warned that this war could also affect global food security. A large amount of the world’s fertilizer and energy supplies pass through the Strait of Hormuz. If it is disrupted, the cost of farming will increase and food production will be affected.
Will the global crisis increase?
Increasing pressure on both energy and food sectors may affect the economy of many countries of the world. If the situation does not improve soon, inflation will increase and the pressure on the supply chain will deepen. In such a situation, now everyone’s eyes are on when and how this crisis will end.
Other videos-