In January 2026, Pakistan had an LNG surplus. Bangladesh took delivery of its first cargo under a new 15-year QatarEnergy supply agreement. Sri Lanka, still rebuilding from its 2022 sovereign debt crisis, was managing its energy import costs with cautious optimism. Seven weeks later, the Strait of Hormuz was effectively closed, QatarEnergy had declared force majeure at Ras Laffan – the world’s lar...