The shutdown of Qatar's Ras Laffan facility, the world's largest LNG export plant, is removing ~3 cargoes per day from the market, or ~20% of global LNG supply.

At least 9 LNG cargoes initially headed to Europe have been diverted to Asia since the war began, according to Bloomberg.

Global LNG imports fell -26% last week, while supply dropped -16%.

Shell and other major suppliers are declaring force majeure for customers across Asia.

According to Rabobank, every week Qatari production stays shut reduces the expected surplus by 1.5 million tons, leaving roughly 5 weeks before the market turns to a supply deficit.

The US and Australia, the two other major LNG suppliers, are already operating at full capacity with little room to increase output.

Meanwhile, the IEA said the Iran war is causing the largest oil supply disruption in history, hitting 7.5% of global supply and slashing output by 8 million barrels per day this month.

In response, IEA members agreed to release an unprecedented 400 million barrels from emergency reserves.

The energy crisis is no longer limited to oil, it is spreading across the entire global supply chain.