On the 19th, Qatar announced that it may declare 'force majeure' concerning its long-term supply contracts for liquefied natural gas (LNG) with various countries, including South Korea, resulting from damage to energy production facilities due to Iranian military actions. Saad Al-Kaabi, the CEO of Qatar Energy, stated in a Reuters interview that this clause could be invoked for contracts that last up to five years with Italy, Belgium, South Korea, and China. 'Force majeure' is a legal provision that releases parties from obligations under a contract when extraordinary events such as natural disasters or warfare occur.

The situation escalated on the 18th, when Israel attacked Iran's South Pars gas field, prompting Iran to retaliate with strikes on Qatari facilities, including the Ras Laffan industrial complex, a critical site that accounts for around 20% of global LNG supply. According to Al-Kaabi, the attack caused damage to facilities responsible for 17% of Qatar Energy's total export capacity, with recovery efforts expected to take between three to five years. He expressed shock at the unexpected attacks, especially during the holy month of Ramadan, and highlighted the gravity of the situation that involved an Islamic neighbor.

As one of the world's largest exporters of LNG, Qatar plays a significant role in the energy supply chain, especially for South Korea, which imports approximately 25-30% of its LNG from Qatar. Should Qatar indeed declare 'force majeure', it is likely to have substantial implications for global energy supply, creating potential shortages and instability in markets reliant on Qatari LNG.