Europe risks entering winter with half-empty storage facilities as Qatari LNG exports plunge 96% amid U.S. war with Iran
Over the six months of the U.S.-Israeli war with Iran, Qatar’s liquefied natural gas (LNG) exports have fallen by 96%, with Reuters reporting that the blockade of the Strait of Hormuz has brought gas shipments to an almost total halt. Before the war began in late February, Qatar accounted for around 20% of global LNG exports. However, since March, the country has managed to ship just 18 LNG…
The ongoing U.S.-Israeli war with Iran has led to a dramatic 96% plunge in Qatar's liquefied natural gas (LNG) exports, with shipments reduced to just 18 cargoes since March compared to 509 during the same period in 2025. This blockade of the Strait of Hormuz has caused a significant loss of around $24 billion for Qatar. As a result, European gas storage facilities are expected to be half-empty during the winter of 2026/2027, with total inventories projected to be 5.7 billion cubic meters below target.
This shortage of Qatari LNG is expected to drive up European gas prices, potentially reaching €80/MWh, up from the current €64–68/MWh. EU countries are likely to enter the heating season with a gas deficit, making them more vulnerable to competition for LNG imports, cold snaps, and supply disruptions.
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