Australia's Largest LNG Exporter Says Global Underestimates War Impact; One-Fifth of Supply Disrupted Since Late February

According to Jin10, Woodside Energy CEO Meg O'Neill said on May 20 that the world underestimates how long the impact of the Iran war on global liquefied natural gas supply will persist. She stated: "I don't think the market, consumers, or society as a whole fully comprehend the severity; there's a widespread belief things will return to normal quickly."

Since the war erupted in late February, the Strait of Hormuz has been nearly closed, disrupting one-fifth of global LNG supply. Qatar's largest export facility sustained severe damage, with repairs and capacity recovery potentially requiring years. Despite weeks of negotiations, a U.S.-Iran peace agreement remains distant.