QatarEnergy Prepares to Extend LNG Force Majeure into Mid-October

QatarEnergy is readying to extend force majeure on liquefied natural gas shipments through mid-October, Bloomberg News reported, citing people with knowledge of the matter. Several buyers in Europe and Asia said separately they are expecting a formal notification, the report said. Reuters could not immediately verify the report. QatarEnergy did not immediately respond to a request for comment.

Force majeure is a clause that frees parties from liability if any failure to meet supply obligations is due to events beyond their control. Qatar accounts for about 20% of global LNG exports, all of which transit the Strait of Hormuz, where shipping has ground to a near-halt amid escalating tensions between Tehran and Washington.