LNG Buyers Seek New Supply Routes as Iran War Disrupts Gulf Shipments
XOM sits 47% above its 52-week low of $110.385 on elevated volume (2.5× avg).
Summary
The Iran war has cut Gulf LNG shipments, pushing buyers like Thailand's PTT and Bangladesh to diversify suppliers across Oman, West Africa, Indonesia, Australia, and China. Producers and traders are also spreading capital into new projects, with East Timor planning two greenfield plants and Inpex targeting a 2027 investment decision on Indonesia's Abadi field. ExxonMobil's Rovuma project in East Africa is cited as a future supply source. This shift could benefit non-US/Qatar projects and reshape long-term LNG trade flows, though near-term supply loss is limited to 1-1.5% of global supply.
At the time of this announcement, XOM was trading at $162.47 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $672.5B. The 52-week trading range was $110.39 to $176.41. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.