On 2/3, gas giant QatarEnergy announced it would halt the production of liquefied natural gas (LNG) related products. Previously, on 1/3, the Qatari government reported that a QatarEnergy facility was attacked by two Iranian unmanned aerial vehicles. Officials are assessing the damage.

Qatar's LNG output accounts for 20% of the global supply. The nation is also the world's second-largest LNG exporter after the United States, playing a significant role in balancing demand in European and Asian markets. Asian customers currently represent 82% of QatarEnergy's total clientele.

Smoke rises at the Ras Tanura oil refinery (Saudi Arabia) on 2/3. Photo: Reuters

On 2/3, Reuters, citing close sources, also reported that Saudi Arabia had shut down its largest oil refinery, Ras Tanura (part of the state-owned oil company Saudi Aramco), after it was attacked by an unmanned aerial vehicle. The facility has a capacity of 550,000 barrels per day, located within Saudi Arabia's coastal energy complex and serving as a crucial crude oil export port for the country.

On Al Arabiya channel, a Saudi Arabian Defense Ministry spokesperson stated that two unmanned aerial vehicles were intercepted there. Debris caused a small fire, but there were no casualties.

However, the closure of Ras Tanura could heighten supply concerns as shipping through the Strait of Hormuz is nearly stalled. Brent crude oil prices on 2/3 at one point surged by 13% to over 82 USD per barrel – the highest since 1/2025. The conflict, now in its third day, has nearly paralyzed shipping through the Strait of Hormuz, through which approximately 20% of the global oil supply passes. "The attack on the Ras Tanura refinery marks a significant escalation, as the Gulf's energy infrastructure is now becoming a target for Iran", concluded Torbjorn Soltvedt, an analyst at consulting firm Verisk Maplecroft.

In Israel, the government requested Chevron temporarily shut down the giant Leviathan gas field. A Chevron spokesperson stated that the company's facilities remain safe. Energean also ceased operations of its production vessel serving smaller gas fields.

In Iraq's Kurdistan region, companies such as DNO, Gulf Keystone Petroleum, Dana Gas, and HKN Energy have suspended operations at oil fields, though no damage has been reported. Last month, the region exported approximately 200,000 barrels of oil daily via pipeline to Turkey's Ceyhan port.

In Iran, multiple explosions were reported on 28/2 on Kharg Island, which handles 90% of Iran's oil exports. However, the extent of the damage to facilities there remains unclear. Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), supplying approximately 4,5% of the global supply. Its output is around 3,3 million barrels of crude oil per day, along with 1,3 million barrels of condensate and other liquid fuels.

Ha Thu (according to Reuters)