Qatari Gas Exports Plummet Amid US-Iran Conflict

The ongoing conflict between the US and Iran has had far-reaching economic consequences for Qatar. The country's liquefied natural gas exports have plummeted by 96% over the past six months, resulting in a significant loss of revenue. According to Reuters calculations, Qatar has lost $24 billion in gas sales, which is equivalent to about five months' worth of income based on 2025 data.

Qatar's oil exports have been severely impacted, with just 18 LNG cargoes exported compared to 509 in the same period last year. The country's state-owned LNG producer, QatarEnergy, did not respond to a Reuters request for comment. The decline in Qatari gas exports has been offset by an increase in US sales, which has helped to meet global demand.

However, European gas storage has reached historic lows for the time of year, leaving the continent vulnerable to potential price spikes if a cold winter is forecasted this year. This has significant implications for European consumers and businesses that rely on natural gas as a vital energy source.