Qatar, the world’s largest LNG exporter, told consumers it was unable to ease soaring energy prices which have forced some factories to halt operations. Qatar energy minister Saad al-Kaabi said he was unhappy about the high prices but noting that the Gulf country had no supplies available to cool down the overheated market. Al-Kaabi said Qatar has maxed out liquefaction capacity to provide all of the due quantities to its customers.
Surfing gas prices have hurt businesses and posed the risk of job losses and inflation. British steelmakers have shut production and said they faced dire consequences unless the government provided support. Some European ammonia producers have idled their plants due to challenging economics. In China, manufacturing activity contracted as authorities battled against severe power crunch.
