Qatar's LNG Exports Plummet 96% Amid US-Iran Conflict
The ongoing US-Iran conflict has taken a significant toll on Qatar's economy, one of the world's top liquefied natural gas (LNG) exporters. The war has caused damage to its gas infrastructure and disrupted shipping through the Strait of Hormuz, severely affecting Qatar's main source of export revenue.
According to Reuters data, Qatar has lost nearly $24 billion in gas sales, a staggering 96% decline compared to previous years. This loss equates to about five months' worth of income for the country, making it one of the most affected by the conflict.
The war has not only affected Qatar but also other Middle Eastern markets like Saudi Arabia, UAE, Iraq, and Kuwait. However, Qatar has been hit the hardest, with its government department budgets cut by up to 30% and overseas aid spending slashed by around 85%. During the six-month period of conflict, Qatar managed to ship just 18 cargoes compared with last year's 509 in the same timeframe.