Qatari LNG Exports Plummet 96% Amid Strait of Hormuz Crisis

Qatar's liquefied natural gas (LNG) exports have collapsed by as much as 96% since the Iran war crippled its shipments via the Strait of Hormuz, resulting in a loss of $24 billion in sales. The country has been unable to sneak as many vessels out of Hormuz as some others in the region.

The drastic decline in LNG exports from Qatar has significant implications for the global market, with US LNG exports benefiting from high prices and no-conflict-zone origin while Europe struggles to fill gas storage sites ahead of winter. The de facto closure of the Strait of Hormuz has trapped about 20% of daily global LNG flows.

The damaged Ras Laffan LNG complex, the world's single largest LNG-producing facility, is expected to cost QatarEnergy $20 billion per year in lost revenue and take up to five years to repair. The company has been forced to declare force majeure on some long-term LNG contracts.