Qatar's liquefied natural gas (LNG) exports have fallen by 96% six months into the conflict between the United States and Iran. According to data from intelligence firm ICIS, Qatar exported 18 LNG cargoes during the first six months of the war, compared to 509 cargoes during the same period last year.
The drop in exports follows the start of the U.S.-Iran war, which has impacted energy shipments through the Strait of Hormuz. While other regional exporters including Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait have also seen oil exports affected, Reuters reports that Qatar's LNG sector has faced a more significant reduction. Two Qatari tankers have been attacked during the conflict.
Reuters calculations indicate Qatar has lost $24 billion in gas sales, an amount equivalent to approximately five months of state revenue based on 2025 data. Before the conflict began, Qatar provided approximately 20% of the world’s daily LNG supply. State-owned producer QatarEnergy did not provide an immediate comment on the figures.
The scale of the disruption is global, as the removal of one-fifth of the world’s daily LNG supply has forced a shift in energy markets. To fill the gap, U.S. energy firms have increased their LNG exports to international buyers. However, these increases have not fully replenished European stocks, which remain at record lows. The shift in supply chains means energy providers in Europe must source more expensive alternatives or rely on depleted reserves, a change that will become most visible in residential heating costs and industrial energy prices starting in late 2026.
The situation sets a precedent for how modern energy infrastructure, specifically specialized LNG tankers, remains vulnerable during regional conflicts compared to secretive oil shipping methods used by other Gulf nations. As of August 26, oil prices had fallen by $2 following reports of talks between Iran and Oman regarding the possible reopening of the Strait of Hormuz. The future of global gas prices and Qatari exports depends on the outcome of these negotiations or a cessation of hostilities. No specific date for a resolution or a return to normal export levels has been reported.