Qatar LNG Exports Plummet 96% Amid U.S.-Iran War

Liquefied natural gas exports from Qatar have plummeted by 96% six months into a war between the United States and Iran, resulting in an estimated $24 billion loss in gas sales. The conflict has effectively closed the Strait of Hormuz, trapping approximately 20% of daily global LNG flows and reducing Qatari exports from 509 cargoes last year to just 18.

Iranian drone and missile strikes damaged the Ras Laffan LNG complex, the world's largest production facility. QatarEnergy expects the damage to cost $20 billion in annual revenue and estimates that repairs will take five years. In response to these disruptions, QatarEnergy has declared force majeure on several long-term contracts.

While other Gulf nations, including Saudi Arabia and the United Arab Emirates, have maintained some oil exports through discreet shipments, the loss of Qatari gas has strained global markets. Increased exports from the United States have partially offset the deficit, but European gas storage has hit record lows, leaving the region vulnerable to shortages and price spikes before winter.