Qatar's LNG Exports Collapse Amid US-Iran Conflict

The six-month-long U.S.-Iran conflict has had a devastating impact on Qatar's liquefied natural gas (LNG) exports. According to data, exports have plummeted by 96% since the war began, resulting in a loss of $24 billion in sales for the country.

This is equivalent to five months' worth of income for Qatar based on 2025 data, Reuters calculations show. The severe decline has left neighboring Gulf exporters relatively unaffected, with Saudi Arabia, the UAE, Iraq, and Kuwait experiencing significantly lower oil export reductions.

While some Gulf countries have managed to secretly transport oil out of the Strait of Hormuz, Qatar's LNG exports have been severely disrupted, with only 18 cargoes exported in recent months compared to 509 in the same period last year. Two Qatari tankers have also been attacked.

The drastic decrease in Qatar's LNG supply has been offset somewhat by increased U.S. exports, which have helped to meet global demand. However, European gas storage levels are at a historic low for this time of year, putting the continent at risk of gas price spikes if a cold winter materializes.