Qatar's LNG Exports Plummet Amid US-Iran Conflict

Qatar's liquefied natural gas exports have plummeted by 96% since the outbreak of war between the US and Iran. The country, which supplied nearly one-fifth of the world's daily LNG demand before the conflict, has exported just 18 LNG cargoes in six months compared to 509 during the same period last year.

The disruption is estimated to have cost Doha around $24 billion in revenue, equivalent to approximately five months of government income based on 2025 figures. Two Qatari LNG carriers have reportedly been attacked since hostilities began.

US producers have increased exports to replace part of the missing Qatari supply, strengthening America's position in the global LNG market. Europe, however, remains particularly vulnerable, with its gas reserves at a record low for this time of year. This has raised concerns that prices could surge if the continent experiences a harsh winter.

Qatar's LNG exports have been severely impacted by the conflict due to limited alternative routes for exporting its gas. Unlike several Gulf oil exporters, Qatar has few options for moving its cargoes through the Strait of Hormuz.