Qatar's LNG Exports Plummet by 96% Amid Strait of Hormuz Disruptions

Qatar's liquefied natural gas (LNG) exports have collapsed by around 96% due to disruptions in shipping through the Strait of Hormuz, a major waterway connecting the Gulf with international markets.

The near standstill in commercial shipping has dealt a significant blow to Qatar's energy revenues, resulting in an estimated $24 billion loss in LNG sales since the conflict began. This amount is equivalent to roughly five months of the country's gas revenue.

QatarEnergy, the state-owned energy company responsible for the country's LNG production and exports, relies heavily on the route to transport LNG cargoes to customers in Europe and Asia. With security concerns escalating after the outbreak of the US-Iran conflict at the end of February, LNG tanker movements out of the Gulf have fallen dramatically.

Data from energy intelligence firm ICIS showed that Qatar shipped only 18 LNG cargoes during the period, compared with 509 cargoes recorded during the corresponding period last year. The scale of the decline underscores the extent to which the conflict has affected Qatar's energy sector.