Qatar's two production lines being shut down for a long time has pushed up LNG prices, with Asian buyers closely watching the volatile market conditions.

After Qatar announced that the two production lines of the world's largest liquefied natural gas export hub may be shut down for up to five years, further tightening global supply, Asian buyers are closely watching the already tense LNG market. Following news of the attack on the Ras Laffan facility in Iran this week, benchmark spot prices in the Asian region soared significantly, with the benchmark price still around $25 per million British thermal units on Friday. Qatar Energy Company stated that, due to the damage caused by the missile attack, the company will have to declare force majeure on some long-term contracts.