Qatar's LNG Exports Collapse 96% Amid US-Iran War, Europe Warned of Price Spikes

The ongoing US-Iran war has had far-reaching economic consequences for several countries. Six months into the conflict, Qatar is among its biggest casualties, with liquefied natural gas (LNG) exports plummeting by a staggering 96%.

Data from ICIS shows that Qatar exported just 18 LNG cargoes in this period, down from 509 in the same time last year. This has resulted in a loss of $24 billion in gas sales for the country, equivalent to five months' worth of income based on 2025 data.

Qatar's neighboring Gulf exporters have been affected less severely, with Saudi Arabia, the United Arab Emirates (UAE), Iraq, and Kuwait seeing their oil exports hit, but not nearly as significantly. While these countries have managed to secretly transport some oil through the Strait of Hormuz, Qatar has faced significant disruptions.

Before the war, Qatar supplied around one-fifth of the world's daily LNG. However, with US exports offsetting some of this lost supply, European gas storage has fallen to a historic low for this time of year, leaving the continent exposed to potential price spikes in case of a cold winter.