Economy
Qatar rules out Hormuz bypass, launches new investments platform
Qatar said a gas pipeline to bypass the Strait of Hormuz would make no economic sense. It also launched a new investment platform to manage QIA’s domestic holdings and outlined more than $60bn in investment opportunities, in a major reshaping of its sovereign wealth strategy.
Business
Egypt, Greece and Cyprus back plans to bring Cypriot gas to Europe
Cyprus’ Cronos gas is expected to reach European markets via Egypt from 2028, with Greece offering an onward route into southeastern and central Europe. The three countries renewed their backing for the plan at their El Alamein summit.
Economy
Qatar’s budget deficit more than doubles amid LNG disruption
The first-half shortfall has exceeded Qatar’s original full-year forecast. Doha has said cuts to operating spending exclude salaries and capital projects, while European gas buyers face delivery cancellations extending into early November as the Iran war postpones revenue.
Economy
European gas prices keep climbing as IEA calls for emergency reserves
With European gas prices hitting the highest since early 2023, the International Energy Agency says governments should consider strategic reserves, more flexible contracts and closer international cooperation to prepare for future natural gas shortages.
Business
Qatar extends LNG cancellations as Hormuz disruption drags on
QatarEnergy’s latest cancellations run into early November. Buyers in Europe and Asia are finding replacement cargoes, switching to other fuels or using less gas, while no one knows when LNG shipping through the Strait of Hormuz will return to normal.
Economy
Germany risks missing gas storage target, threatening industry output
Germany will miss its November gas-storage target if injections continue at their current pace, the country’s storage association has warned. Although there is no immediate gas shortage, low storage levels combined with a very cold winter could threaten industrial production in the country.
Economy
Europe’s gas prices are surging. Who will be the first to pay more?
Europe could face its toughest winter gas season since 2022 as wholesale prices trade near their highest level in more than three years. Household bills could rise quickly in the Netherlands while taking nearly a year to fully adjust in Germany and Austria.
Europe News
Europe faces race to refill gas storage as LNG cargoes flow to Asia
After spending much of the past two years rebuilding its gas security following the loss of Russian pipeline supplies, Europe is again facing high natural gas prices due to volatility in global markets linked to disruptions in the Strait of Hormuz.
Qatar
Second tanker with Qatari LNG struck in Hormuz as force majeure widens
The GasLog Shanghai was struck while leaving the Strait of Hormuz, weeks after the Al Rekayyat was hit in the same area. Italian utility Edison said QatarEnergy had extended force majeure on a further three cargoes, bringing the total affected to 24 shipments through September.
LNG