Qatar LNG Exports Fall 96% Amid US-Iran War

Qatar’s LNG exports have plunged 96% over six months amid the US-Iran war, shrinking shipments to 18 cargoes from 509 and triggering about $24 billion in lost gas revenue. The damage to Ras Laffan and disruptions to shipping through the Strait of Hormuz have crippled its main export revenue, with repairs potentially taking up to five years. The hit has pressured Qatar's finances, with government budgets cut by up to 30% and overseas aid reduced by about 85%. The decline has left Europe more exposed to price swings as it relied on LNG supply from Qatar, even as U.S. exports offset some shortfall. Two Qatari tankers were attacked, highlighting the broader geopolitical risk to Gulf energy exports. Other Gulf states’ oil flows have been affected, but Qatar remains the hardest hit, underscoring how the conflict reverberates through global gas markets.