OMAN: Qatar has sent an LNG tanker through the Strait of Hormuz for the first time since July. Qatar effectively suspended LNG shipments through the key energy waterway following an attack on one of its tankers in late July.
However, Qatari authorities have confirmed that a tanker loaded with LNG passed through the contested Strait of Hormuz at the beginning of September.
Qatar confirms LNG tanker crossed Hormuz
The Al Marrouna passed through the Gulf of Oman on Tuesday morning and signalled Port Qasim in Pakistan as its next destination, according to ship-tracking data compiled by Bloomberg. The transit is a welcome shot in the arm for the global LNG market.
Prior to the outbreak of war between the US and Iran, Qatar accounted for one fifth of the world’s LNG exports. The war inevitably put huge strains on the supply chain, and matters were further compounded when Qatari tankers were attacked in July.
That attack prompted Doha to issue a directive that instructed all Qatari tankers to avoid the Strait of Hormuz.
Fuel prices have soared across European and Asia markets, hitting their highest levels in over 3 years. Fresh strikes continue to be exchanged between Tehran and Washington daily across the region, and a conclusion to the war has never looked further away.
Iran has said that a deal to manage the Strait of Hormuz is very, very close.
That has peaked interest from oil traders to see what impact Tehran tightening their grip on the Strait of Hormuz will have on prices, and how the US would respond to a deal with Muscat.
Last month, Qatar extended force majeure on LNG deliveries to European and Asian buyers into October, helping keep prices elevated.
However, it has continued loading the fuel onto available empty tankers inside the Gulf and exporting it to Kuwait.
That strategy is allowing Doha to effectively manage storage and keep parts of its massive export complex running at minimum levels
