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Qatar halts LNG output, Saudi refinery, Israeli oil, gas fields shut amid Mideast strikes

Middle East News

02-03-2026 | 10:20

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Qatar halts LNG output, Saudi refinery, Israeli oil, gas fields shut amid Mideast strikes

Qatar halted its production of liquefied natural gas on Monday as Israeli and U.S. strikes against Iran and Tehran's retaliation prompted precautionary shutdowns of oil and gas facilities across the Middle East.

Saudi Arabia shut its biggest domestic oil refinery after a drone strike, a source with knowledge of the matter said.

Qatari LNG production is equivalent to about 20% of global supply. The Gulf country is the world’s second largest LNG exporter after the U.S. and plays a major role in balancing Asian and European LNG market needs. Asian clients represent 82% of state-owned QatarEnergy's customers.

Oil prices surged as much as 13% intraday to above $82 a barrel, the highest since January 2025, as the conflict ground shipping to a near halt in the Strait of Hormuz, through which a fifth of global oil supply flows.

Reuters

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