As war strands Qatari gas for 6 months, US sales rise and European stocks plummet
LONDON/OSLO: Six months into the US-Iran wa r, Qatar is among the conflict’s biggest economic casualties, with its liquefied natural gas exports slashed by 96%, data shows. Saudi Arabia, the UAE, Iraq and Kuwait have seen their oil exports hit, but by nowhere near as much. Qatar has lost $24 billion in gas sales, which is about five months’ worth of income for the country based on 2025 data,…
Since the start of the US-Iran war six months ago, Qatar has suffered greatly as a major casualty of the conflict. Its liquefied natural gas (LNG) exports have been cut by a staggering 96%, according to data. This has resulted in a loss of $24 billion in gas sales, which represents five months' worth of income for the country based on 2025 figures.
The Strait of Hormuz, a crucial route for Qatari LNG shipments, has been closed, effectively cutting Qatar's exports to nearly zero. While neighboring Gulf oil producers have found ways to smuggle oil discreetly past the strait, Qatar has only managed to export 18 LNG cargoes, a sharp decline from 509 shipments in the same period last year, according to ICIS data.
Two Qatari tankers have even been attacked during this time. Prior to the war, Qatar supplied about one-fifth of the world's daily LNG. The war has forced Europe to grapple with dangerously low gas storage levels for this time of year. This leaves the continent vulnerable to potential gas price surges during a cold winter season if supply remains tight.
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