Qatar’s LNG exports plunge 96% as war disrupts global gas supplies

Qatar’s liquefied natural gas exports have fallen by 96% in the six months since the US-Iran war began, making the Gulf state one of the conflict’s biggest economic casualties, according to Reuters calculations and data from ICIS.

Qatar has exported just 18 LNG cargoes during the period, compared with 509 in the same period a year earlier. Two Qatari LNG tankers have also been attacked.

The disruption has cost Qatar an estimated $24 billion in gas sales, equivalent to around five months of the country’s income based on 2025 figures, Reuters calculated.

Before the war, Qatar supplied about one-fifth of the world’s daily LNG demand. The sharp fall in its exports has been partly offset by increased shipments from the United States.

Other Gulf energy exporters, including Saudi Arabia, the United Arab Emirates, Iraq and Kuwait, have also been affected, although their oil exports have suffered considerably less than Qatar’s LNG trade.

The disruption is being felt particularly in Europe. Gas storage levels across the continent have fallen to a historic low for this time of year, raising concerns about potential price spikes if Europe experiences a cold winter.

By Aghakazim Guliyev