The Strait of Hormuz saw the passage of 21 LNG shipments in September 2023, marking the highest monthly figure since the onset of the war. However, this amount is still over 75% lower than the normal LNG export level before the war, which averaged around 90 shipments per month. This significant decrease has negative impacts on the gas market in Europe and Asia.
Current Status of Shipments
Shipping data shows that in recent weeks, several loaded LNG vessels have been observed at the Ras Laffan facilities in Qatar, passing through the Strait of Hormuz. However, the current volume of ship passages is still far from normal levels, and disruptions along this route have clearly affected LNG exports. Regional gas producers are seeking to restore some of their halted exports to global markets, but they face many obstacles.
Read more: Crude Oil Exports from the Middle East Reached Highest Level in September
Impact on the Global Gas Market
Long-term disruptions in Middle Eastern LNG exports have led European and Asian buyers to compete for alternative shipments. This competition, along with low gas reserves in Europe, has driven gas prices to their highest levels since the 2022 and 2023 energy crisis. As winter approaches, the demand for gas increases, making this issue even more critical.
The increase in LNG shipments through the Strait of Hormuz does not mean a full return of Qatari exports. Qatar still faces delivery restrictions, which have impacted the export process. The market is now waiting to see whether this upward trend will continue. If this increase is only a short-term wave and insecurity in the Strait of Hormuz persists, competition for non-Middle Eastern LNG shipments will intensify.
Ultimately, the 75% decrease in LNG exports from the Strait of Hormuz remains a serious threat to energy security in Europe and Asia, and as winter approaches, its repercussions may become more pronounced.
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