Qatar's Gas Exports Plunge 96% Amid US-Iran War

The ongoing US-Iran war has had a devastating impact on Qatar's liquefied natural gas exports, which have plummeted by 96% over six months. According to data from ICIS, Qatar exported just 18 LNG cargoes in the same period last year, compared to 509. This significant reduction in exports has resulted in an estimated $24 billion revenue loss for the country, equivalent to five months' worth of income based on 2025 data.

The decline in Qatari gas exports has been compensated by a surge in US LNG exports, which have increased by about 25% in H1 2026. This increase in supply has helped fill the gap left by Qatar and redirected supplies to Europe and Asia.

However, European gas storage has fallen to a historic low for this time of year, hovering around 55-57% full at end-July/early August. This critical shortage has exposed the continent to possible gas price spikes in the event of a cold winter this year unless LNG imports ramp up dramatically.