Global LNG and oil supply disruption & CAPEX momentum
Key Questions
What is the status of the Strait of Hormuz crisis and its impact on LNG flows?
The Strait of Hormuz crisis is de-escalating but flows are still recovering. Qatar's Ras Laffan facility has seen a 17% loss with force majeure extended to mid-August, and Pakistan paid $17.37/mmBtu for spot LNG.
How have Ukrainian strikes affected Russian oil refineries?
Ukrainian drones struck Russia's largest Siberian refinery in Omsk, resulting in a 42.74% capacity loss. Russia has maintained a full fuel export ban through July amid ongoing refinery strikes.
What LNG expansion plans has ADNOC announced?
ADNOC has consolidated LNG sales into a single global trading platform targeting 47 Mtpa by 2035. This move combines its LNG marketing operations for broader reach.
Which companies have progressed major LNG and oil projects recently?
Argent LNG awarded an engineering contract for Port Fourchon, Eni awarded Wison EPCIC for Baleine Phase 3 FPSO, and Cheniere's Corpus Christi Stage 3 is 98% complete. Commonwealth LNG has also reached FID.
What are the contrasting views on future LNG supply?
Javier Blas argues an LNG glut is approaching, while the EU Methane Regulation threatens 63% of US LNG supply to Europe. US LNG exports to Latin America recently hit a 37-month high.
Strait of Hormuz crisis de-escalating but flows still recovering; Qatar Ras Laffan 17% loss with force majeure extended to mid-August; Pakistan pays $17.37/mmBtu for spot LNG. Russia refinery strikes continue: Omsk hit (largest in Siberia), 42.74% capacity loss; full fuel export ban through July. Australia Inpex Ichthys strike escalation. ADNOC consolidates LNG sales into single platform targeting 47 Mtpa by 2035. Argent LNG awards engineering contract for Port Fourchon. Eni awards Wison EPCIC for Baleine Phase 3 FPSO. Cheniere Corpus Christi Stage 3 98% complete. Commonwealth LNG FID. US LNG exports to Latin America hit 37-month high. Contrarian view: Javier Blas argues LNG glut on the way. EU Methane Regulation threatens 63% of US LNG supply to Europe.