Qatar’s liquefied natural gas exports have collapsed by 96% since the escalation of the U.S.-Iran conflict six months ago, costing the Gulf state an estimated $24 billion in lost sales. Data from ICIS shows Qatar shipped just 18 LNG cargoes during the period, down from 509 in the same span a year earlier. Before the war, Qatar supplied roughly one-fifth of global daily LNG demand.
The disruption follows attacks on two Qatari tankers and the closure of key shipping routes, including the Strait of Hormuz, where neighboring Gulf exporters have faced export disruptions but avoided comparable losses. Saudi Arabia, the UAE, Iraq, and Kuwait have continued to move oil out of the region, though at reduced volumes.
U.S. liquefied natural gas exports have risen to partially offset the shortfall, providing some relief to markets. Europe, however, remains vulnerable after gas storage levels fell to historic lows for this time of year. Analysts warn that a cold winter could trigger sharp price spikes, exacerbating energy security concerns across the continent.
QatarEnergy, the state-owned LNG producer, did not immediately respond to a request for comment. The conflict’s duration and Qatar’s lost revenue—equivalent to five months of 2025 income—highlight the war’s escalating economic toll on the Gulf’s energy sector.
