NEW YORK, March 20, 2026, 09:25 (EDT)
Venture Global was trading near $14.3 in Friday’s premarket, steady after a wild Thursday that saw the stock surge up to 13%. QatarEnergy had revealed Iranian strikes sidelined close to 20% of Qatar’s LNG export operations, fueling expectations that U.S. players could step in to fill the gap.
Pressure is mounting. On Friday, Italy reported it’s in discussions with the United States, Azerbaijan, and Algeria to make up for the drop in Qatari gas. Over in India, an oil ministry official warned that any reduction from Qatar would impact the country as well.
QatarEnergy chief Saad al-Kaabi told Reuters the hit would knock out 12.8 million metric tons a year of LNG production for anywhere from three to five years, and the company will have to cut back on some long-term supply contracts. Qatar tops the global LNG export rankings, just ahead of the U.S. Venture Global is notable for holding onto roughly 30% of its output for spot sales—those are cargoes priced at market rates, not locked in through lengthy agreements.
Buyers are already changing tack. “With 90 million metric tons from the Middle East absent from the global LNG market, the longer this persists, the greater the impact,” said JERA executive Ryosuke Tsugaru. He warned that if the crisis drags on, demand could swing toward U.S. and Canadian supplies. Japan’s largest power producer, Tsugaru added, is looking at picking up more spot cargoes. Reuters
Venture Global kept moving forward, even before the latest disruption. On March 13, the company announced it had reached a final investment decision for phase 2 of its CP2 LNG project, and secured $8.6 billion in financing. That brings total funding for CP2 to $20.7 billion. Venture Global says this project will put it at the top among U.S. LNG exporters once everything is up and running.
Other names followed suit. Cheniere surged to an all-time high on Thursday. Columbia University’s Ira Joseph noted that while some of the missing Qatari cargoes might get replaced by new U.S. supply coming from Sempra and NextDecade, his main concern was the North Field expansion in Qatar. “If it is impacted, then structurally we have to adjust our LNG prices higher,” Joseph said. Reuters
Venture Global’s stock had been on a tear, soaring over 87% for the year by March 3. That jump came after a New York court tossed out Shell’s attempt to reverse an arbitration win for Venture Global. The day before, the company reported that quarterly adjusted core profit had nearly tripled, thanks to stronger LNG sales volumes.
This isn’t a straightforward trade. Chief Executive Mike Sabel, speaking last week, dismissed the latest LNG price swings as “very short-term.” Yet, in a separate arbitration, BP is pressing for at least $3.7 billion in damages—possibly north of $6 billion once fees and interest get tacked on, according to a filing. Reuters market data indicate Venture Global finished 2025 carrying $34.5 billion in total debt. If the Gulf crisis fades, or legal risks resurface, there’s still plenty for investors to fret about. Reuters
