Global exports of liquefied natural gas (LNG) have fallen to their lowest levels in the past six months. The recent increase in global supply, supported by the introduction of new production capacities in the US and other countries, has been completely overshadowed by the escalation of the military conflict in the Middle East.

According to shipping tracking data from Kpler, the 10-day moving average for LNG shipments has fallen by around 20% since the start of the month, dropping to 1.1 million tonnes. This is currently the lowest figure recorded since September last year.

Statistics indicate that the sharp decline in export deliveries is primarily driven by a logistics crisis in Qatar and, to a slightly lesser extent, in the United Arab Emirates. To deliver fuel to key buyers in Asian and European markets, LNG carriers from these countries must navigate the strategically important Strait of Hormuz. In the current conditions, commercial shipping in this waterway is effectively paralyzed.

Global LNG production showed steady and continuous growth throughout the past year, largely driven by the launch of new export projects in North America (the US and Canada). However, this positive trend has now been completely negated by the physical loss of Qatari volumes due to the transport blockade in the Persian Gulf.