QatarEnergy, the world’s second-largest LNG exporter, said its emergency response teams were deployed immediately to contain fires triggered by the attack. By early Thursday, all fires at Ras Laffan had been brought under control, with no injuries reported, Reuters reported.
This comes after Iran accused Israel of striking facilities at its South Pars gas field and responded by threatening attacks on oil and gas assets across the Gulf. It launched missiles toward Qatar and Saudi Arabia, declaring energy infrastructure in Saudi Arabia, the UAE and Qatar as legitimate targets.
Further, Abu Dhabi halted operations at its Habshan gas facilities after missile interceptions led to falling debris. In Bahrain, LNG assets were reportedly hit by heavy missile strikes, according to Iran’s semi-official Fars news agency.
Meanwhile, shipments through the Strait of Hormuz have been disrupted. The route accounts for about 20% of global oil and LNG supply. Production losses in the Middle East are estimated at 7 million to 10 million barrels per day, equivalent to 7% to 10% of global demand.
The development is significant as India is the world’s second-largest LPG importer. Several restaurants across the country have run out of gas supplies or switched to simpler menu items that require little to no cooking gas.
For induction cooktop players, this means more sales. Tata Group‘s Croma said it has observed a threefold jump in demand for induction cooktops over the past few days, the Economic Times reported last week. Further, Stove Kraft said that its average weekly online sales have jumped four times.”At Croma, we have observed a sharp and immediate uptick in demand for induction cooktops over the past few days. Our average daily run rate has surged significantly,” Infiniti Retail Ltd (Croma) CEO & MD Shibashish Roy said.
India is also grappling with a sharp LPG shortage as the ongoing war between Iran and the US-Israel alliance has led to the prolonged closure of the Strait of Hormuz, one of the world’s most critical energy supply chokepoints. Tanker movement through the route has been severely disrupted as Iran continues to target vessels attempting to pass through the corridor.
Gas crisis in India
The supply disruption linked to the closure of the Strait of Hormuz has pushed up gas prices in India. Domestic cooking gas prices have increased by Rs 60 per cylinder, while commercial LPG prices have risen by Rs 114.5.
Shortages have been reported in multiple cities including Mumbai and Bengaluru. In some areas, restaurants have warned they may have to shut operations because of inadequate fuel supplies.
Meanwhile, the Indian Railway Catering and Tourism Corporation (IRCTC) has asked all its licensees to shift to alternate cooking methods such as microwave ovens and electric induction systems at railway food centres.
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