Qatar's State-Owned Energy Firm Halts LNG Production Following Iran Drone Strikes: Doha Calls It ‘Dangerous Escalation’

• Qatar’s Ministry of Foreign Affairs on Monday stated that the drone attacks damaged civilian infrastructure and endangered civilian populations.
• It called the targeting of civilians and of countries not involved in hostilities “reckless and destabilizing behavior.”
• Meanwhile, energy stocks, crude oil futures, and natural gas futures soared on Monday.

Qatar’s state-owned energy firm, QatarEnergy, on Monday announced that it has halted the production of liquified natural gas (LNG) and associated products.

“Due to military attacks on QatarEnergy’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in the State of Qatar, QatarEnergy has ceased production of liquefied natural gas (LNG) and associated products,” the company stated.

QatarEnergy is one of the largest manufacturers of natural gas in the world, while Qatar itself is the world’s third-largest natural gas exporter.

Qatar Defense Ministry Confirms Drone Attacks From Iran

Qatar’s Ministry of Defense on Monday confirmed that it was attacked by two drones from Iran.

“One drone targeted a water tank belonging to a power plant in Mesaieed, and the other targeted an energy facility in Ras Laffan Industrial City, belonging to Qatar Energy, without reporting any human casualties,” Qatar MoD stated in a post on X.

Qatar’s Ministry of Foreign Affairs condemned Iran’s drone attacks, calling them a “dangerous escalation.”

“These unjustified strikes targeted sovereign territory, endangered civilian populations, and damaged civilian infrastructure. The targeting of civilians and of countries not engaged in hostilities is reckless and destabilizing behavior,” said Qatar’s foreign ministry in a post on X.

Energy Stocks In US Soar

Meanwhile, energy stocks, crude oil futures, and natural gas futures soared on Monday.

Natural gas futures expiring in April were up more than 5%, while Exxon Mobil and Chevron stocks rose about 5% in Monday’s pre-market session. Battalion Oil shares soared about 85%, continuing to trend upward and building on the 33% gains the stock registered on Friday.

U.S. West Texas Intermediate (WTI) crude futures maturing in April were up nearly 8% to $72.31 per barrel. Brent crude futures maturing in May gained nearly 9% to $79.3 per barrel.

Also See: Why Did QURE Stock Almost Halve Pre-Market Today?

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