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ADNOC Gas said it has made “temporary operational adjustments” to the production of its LNG and Export Traded Liquids (ETL) in response to the ongoing shipping disruption in the Strait of Hormuz.
The gas subsidiary of the state-backed Abu Dhabi National Oil Company (ADNOC) said is actively collaborating with customers on a “transaction-by-transaction basis” to fulfil commitments.
ADNOC Gas also confirmed operations were continuing after its asset base was targeted last week in the ongoing Iran conflict.
“Following debris falling near certain facilities, inspections confirmed no injuries and no impact to core processing integrity,” ADNOC Gas said.
As the US-Iran conflict enters its fourth week, energy markets remain in flux over supply risks plaguing global markets. On Thursday, a further escalation in energy markets was noted following the US and Israeli attacks on one of Iran’s key natural gas infrastructures serving domestic supplies, which resulted in the regime retaliating by targeting some of the region’s key energy assets.
“The risk of prolonged energy supply disruptions increases when the conflict moves from trade impasse to production shut-ins and infrastructure damage,” Norbert Rücker, Head Economics and Next Generation Research, Julius Baer said. “The attack on Qatar’s natural gas export hub raises the nervousness in the market, and oil and natural gas prices surge accordingly.”
(Writing by Bindu Rai, editing by Seban Scaria)
