As war strands Qatari gas for 6 months, US sales rise and European stocks plummet

The ongoing U.S.-Iran war has dealt a significant blow to Qatar's economy, with its liquefied natural gas (LNG) exports plummeting by an astonishing 96%. According to data, this has resulted in a loss of $24 billion in gas sales, representing roughly five months' worth of income for the country based on 2025 estimates. Qatar has only managed to export 18 LNG cargoes to date, a sharp contrast to the 509 cargoes shipped in the same period last year, as reported by data intelligence firm ICIS. Two Qatari tankers have been targeted in the conflict.

Qatar, once a global leader in LNG supply, providing about one-fifth of the world's daily LNG, is now facing a severe contraction of its market share. The U.S. has attempted to offset this loss to some extent, but Europe's gas storage levels have plummeted to a historic low for this time of year, leaving the continent vulnerable to potential price spikes should a cold winter set in.