NEW YORK, March 25. /TASS/. The conflict in the Middle East is having a serious impact on the global gas market, and due to the difficult situation with liquefied natural gas (LNG) supply, and Russian LNG shipments may be temporarily exempt from sanctions, director of the US investment company Navigator Principal Investors Kyle Shostak said in an interview with TASS.
"The gas market will suffer the most. Given the effective loss of the entire volume of Qatar’s LNG production, only partially offset by new project capacity in the US and Canada, I would assume that natural gas, especially for European buyers, will be in the price range of $3.30-3.80 per MMBtu (million British thermal units — TASS)," he said.
"Russian LNG supplies may help to some extent, and these supplies could be temporarily exempt from sanctions," he added.
The United States and Israel launched a military operation against Iran on February 28. Major Iranian cities, including Tehran, were struck. The White House justified the attack by citing alleged missile and nuclear threats from Iran. The Islamic Revolutionary Guard Corps announced a retaliatory operation, targeting sites in Israel. US military bases in Bahrain, Jordan, Kuwait, Qatar, Saudi Arabia and the UAE were also hit. Supreme Leader Ayatollah Ali Khamenei and some other key Iranian leaders were killed in the joint US-Israeli attack.