On March 18, an Iranian rocket attack hit and damaged Qatar’s liquefied natural gas (LNG) export facility.
The damage took 12.8 million tons per year, or 17% of annual production, offline for up to five years. Lost revenue will be as much as $20 billion, and repairing the facilities will cost additional billions.
Qatar produces (or produced) almost 20% of global LNG for export, making it the second-largest LNG exporter (the U.S., with a 25% market share, comes in first). The destruction at the Qatar LNG facility takes 4% of the global supply offline.
The loss of LNG exports from Qatar opens the market to U.S. producers.
This post originally appeared at Investors Alley.