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Qatar has emerged as one of the biggest economic casualties of the six-month U.S.-Iran war, with liquefied natural gas (LNG) exports plunging 96% as the conflict severely disrupts energy shipments through the Gulf.
The sharp decline has cost Qatar an estimated $24 billion in lost gas sales, according to Reuters calculations based on 2025 data. That amount is equivalent to roughly five months of the country's typical income, highlighting the significant economic impact of the conflict on one of the world's leading LNG exporters.
Other major Gulf energy producers, including Saudi Arabia, the United Arab Emirates, Iraq and Kuwait, have also suffered disruptions to oil exports. However, their losses have been considerably smaller, partly because some oil shipments have continued moving discreetly through the Strait of Hormuz.
Qatar has had far fewer options for maintaining LNG exports. Data from energy intelligence firm ICIS shows the country shipped only 18 LNG cargoes during the period, compared with 509 cargoes over the same timeframe last year. Two Qatari LNG tankers have also been attacked during the conflict.
State-owned QatarEnergy, the country's dominant LNG producer, did not immediately respond to a Reuters request for comment.
Before the U.S.-Iran war began, Qatar supplied approximately one-fifth of global daily LNG demand, making the collapse in Qatari exports a significant shock to international gas markets. Increased LNG shipments from the United States have helped compensate for some of the missing supply, limiting the immediate impact on global availability.
However, risks remain particularly high for Europe. European natural gas storage levels have fallen to a record low for this time of year, leaving the region increasingly vulnerable to supply shortages and higher gas prices.
A colder-than-normal winter could intensify pressure on Europe's energy market, especially if Qatar LNG exports remain severely restricted. Continued disruption around the Strait of Hormuz could therefore become a major factor influencing global LNG prices, European energy security and Gulf economies in the months ahead.
