Qatar LNG Exports Plummet 96% Amid US-Iran Conflict

The ongoing U.S.-Iran war has had a devastating impact on Qatar's economy, with its liquefied natural gas (LNG) exports plummeting by 96% in the six months since the conflict began. This represents a staggering loss of $24 billion in gas sales for the country, which is equivalent to about five months' worth of income based on 2025 data.

Qatar's LNG production facilities at Ras Laffan Industrial City have been severely affected, with exports dropping from 509 cargoes last year to just 18 in the same period this year. This significant decline has left neighboring countries struggling to make up for the lost supply, with European gas storage levels hitting a historic low for the time of year.

Meanwhile, U.S. LNG exports have seen an increase, offsetting some of the lost supply from Qatar. However, this may not be enough to prevent potential gas price spikes in Europe if a cold winter hits this year.