European gas prices jump 45% after Qatar halts LNG output

AFP , Monday 2 Mar 2026

European gas prices extended gains on Monday after state-run energy firm QatarEnergy halted liquefied natural gas production following Iranian attacks on facilities at two of its main gas processing bases.

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File photo - a Qatari liquid natural gas (LNG) tanker ship being loaded up with LNG at Raslaffans Sea Port, northern Qatar. AP

The Dutch TTF natural gas contract, considered the European benchmark, jumped almost 45 percent to more than 46 euros.

Gas prices earlier gained more than 20 percent on fears that the Iran war would cut supplies in the Gulf region.

Qatar's state-run energy firm said on Monday it had halted liquefied natural gas production following Iranian attacks on facilities at two of its main gas processing bases.

"Due to military attacks on QatarEnergy's operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in the State of Qatar, QatarEnergy has ceased production of liquefied natural gas (LNG) and associated products," the company said in a statement.

Earlier, Qatar's defence ministry said one Iranian drone "targeted an energy facility in Ras Laffan Industrial City, belonging to QatarEnergy", referring to the firm's onshore gas processing base 80 kilometres (50 miles) north of Doha.

Another "targeted a water tank belonging to a power plant in Mesaieed", the statement said, referring to an area 40 kilometres south of the Qatari capital, which is also a key site for Qatar's natural gas production.

There were no reports of casualties, the defence ministry added.

The Gulf state is one of the world's top liquefied natural gas producers, alongside the United States, Australia and Russia.

Qatar shares the world's largest natural gas reservoir with Iran.

State-run QatarEnergy estimates the Gulf state's portion of the reservoir, the North Field, holds about 10 percent of the world's known natural gas reserves.

In recent years, Qatar has inked a series of long-term LNG deals with France's Total, Britain's Shell, India's Petronet, China's Sinopec and Italy's Eni among others.

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