As war strands Qatari gas for 6 months, US sales rise and European stocks plummet
- Saudi Arabia, the UAE, Iraq and Kuwait have seen their oil exports hit, but by nowhere near as much
LONDON/OSLO: Six months into the US-Iran war, 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, Reuters calculations show.
Strait of Hormuz closure cuts Qatari LNG exports
Qatar derives large revenues from exports of liquefied natural gas (LNG) by state-owned QatarEnergy. Export volumes have plummeted since the start of the war between the US and Iran at the end of February.
LNG cargoes delivered from Qatar
The number of Qatari liquefied natural gas (LNG) tankers leaving the Gulf have fallen sharply since the start of the war between the US and Iran has brought traffic via the Strait of Hormuz to a near standstill.
While neighbouring Gulf exporters have managed to sneak oil secretly out of the Strait of Hormuz, Qatar has exported just 18 LNG cargoes, down from 509 in the same period last year, according to data intelligence firm ICIS.
Two Qatari tankers have been attacked.
State-owned LNG producer QatarEnergy did not respond to a Reuters request for immediate comment.
Before the war Qatar supplied about one-fifth of the world’s daily LNG.
Exports from the US have offset some of that lost supply.
Still, European gas storage has fallen to a historic low for the time of year, exposing the continent to possible gas price spikes in the event of a cold winter this year.
EU gas storage
Gas storage sites remain at their lowest level for the time of year seen since at least 2011 amid a sluggish summer refilling season hampered by higher prices and tight global LNG supply.