Gulf insecurity shifts energy advantage to US producers and Chevron

September 3, 2026 at 02:16 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Six months of regional insecurity have cut Qatari LNG deliveries to Italy by 29 cargoes, or about 3.8 billion cubic metres, while US energy firms fill the gap. QatarEnergy has extended force majeure on Edison's contract until early November, pushing the Italian buyer toward US replacement cargoes. The shift coincides with Trump's push for US energy dominance and Chevron's expansion across Israel, Egypt, and Venezuela.

Key Facts

QatarEnergy has cancelled 29 LNG cargoes to Edison since the force majeure began, totalling about 3.8 billion cubic metres of gas.
The force majeure on Edison's contract, which normally covers roughly a tenth of Italy's annual gas consumption, will continue until early November.
Edison has replaced the missing Qatari volumes with cargoes from other suppliers, including the United States.
Chevron owns almost 40 percent of Israel's Leviathan gasfield and 25 percent of the Tamar gasfield, and is expanding Leviathan after a $35bn export agreement with Egypt signed last year.
Trump announced a 100-year concession on 17 Venezuelan oil fields that he said would secure 65 billion barrels of oil.

Qatar–Italy Supply Disruption

QatarEnergy informed Edison, one of its largest European customers, that force majeure on LNG deliveries would continue until early November. Five more cargoes were cancelled, bringing the total to 29, or about 3.8 billion cubic metres of gas. The supply contract, in force since 2009, normally covers roughly a tenth of Italy's annual consumption. Edison has maintained deliveries to its customers by sourcing replacement cargoes elsewhere, including from the United States.

US Energy Dominance

President Donald Trump celebrated on Truth Social what he called the 'biggest oil deal in history' — a 100-year concession on 17 oil fields in Venezuela that would secure 65 billion barrels of oil. Six months of war have reportedly impacted Qatar's LNG exports significantly, while Kuwait, Saudi Arabia, and the UAE have also seen substantial drops in oil exports. US oil and gas have moved into the space left behind, with American energy companies recording record-high profits. Washington seeks strategic leverage over Iran and continued influence over Gulf states, while energy companies pursue access to reserves, favourable regulation, and new customers.

Chevron's Regional Position

Chevron operates Israel's two main offshore gas fields, holding almost 40 percent of Leviathan and 25 percent of Tamar. Leviathan is expanding after a $35bn agreement signed last year to increase exports to Egypt. Israel's growing role as an Eastern Mediterranean gas hub is tied to a US operator and fits within a US-backed regional system linking Israel, Egypt, and Jordan. Chevron has major interests in US production, controls Israel's most important gas assets, and is positioned to expand in Venezuela.