US-Iran War Devastates Qatar's Economy, LNG Exports Plummet 96%

The ongoing US-Iran war has had devastating effects on Qatar's economy. Six months into the conflict, data shows that Qatar's liquefied natural gas exports have plummeted by 96%, with the country losing a staggering $24 billion in gas sales.

This loss is equivalent to about five months' worth of income for Qatar based on 2025 data, according to Reuters calculations. The state-owned QatarEnergy has seen its export volumes fall sharply since the start of the war, with just 18 LNG tankers leaving the Gulf compared to 509 in the same period last year.

The Strait of Hormuz closure has severely impacted Qatar's ability to export gas, while neighboring countries such as Saudi Arabia and the UAE have managed to sneak oil out of the strait. The US has seen an increase in its own sales, offsetting some of the lost supply from Qatar.

However, European gas storage has fallen to a historic low for this time of year, exposing the continent to possible gas price spikes in the event of a cold winter. This situation is further complicated by higher prices and tight global LNG supply.