Qatar's long-standing image as the world's most reliable LNG supplier abruptly ended on Wednesday after QatarEnergy halted LNG production and declared force majeure to customers, a major shock to global gas markets given that Qatar accounts for 20% of global LNG exports, with 80% of those volumes to Asia. 

"Further to the announcement by QatarEnergy to stop production of liquefied natural gas (LNG) and associated products, QatarEnergy has declared Force Majeure to its affected buyers," QatarEnergy wrote in a press release on Wednesday morning.

Qatar's LNG chief Saad Sherida Al-Kaabi is confronting the biggest energy shocks of his career after an Iranian drone strike earlier this week forced the shutdown of Ras Laffan, Qatar's top LNG export hub, for the first time in three decades.