Hormuz Disruption Recasts 20% of Global LNG Supply as Interruptible, Buyers Diversify

Roughly 20% of global LNG supply is now treated as interruptible after the Strait of Hormuz crisis constrained Qatari and Emirati exports for nearly seven months. Asian and European prices have surged to levels last seen in the 2022 crisis. European and Chinese buyers are pursuing supply outside Hormuz — from Canada, Mozambique, Indonesia, Papua New Guinea and Argentina. PetroChina and Sinopec are in talks for deliveries beginning before 2030 under contracts of at least ten years, Bloomberg reported in July. China sourced nearly 30% of its LNG from Qatar last year. Wood Mackenzie analysts at Gastech 2026 in Bangkok said the value of reliable supply has increased. Thailand is launching a 10 GW public solar program targeting about 1 million households to cut gas dependence.