As war strands Qatari gas for 6 months, US sales rise and European stocks plummet

Business Recorder reported that Qatar ranks among the largest economic losers half a year into the US-Iran war, with its liquefied natural gas shipments down 96%. Saudi Arabia, the UAE, Iraq and Kuwait have also seen oil exports hit, though by a far smaller margin. Reuters calculations put Qatar's lost gas sales at $24 billion, roughly five months of its income based on 2025 figures.

The disruption stems from a near standstill in Strait of Hormuz traffic, which has kept Qatari LNG tankers from leaving the Gulf. According to data intelligence firm ICIS, Qatar has shipped only 18 cargoes in the period, against 509 a year earlier. Two of its vessels have also come under attack. Prior to the conflict, Qatar accounted for roughly a fifth of global daily LNG supply.

US exports have partly filled the gap, yet European gas storage sits at a historic low for this stage of the year. That leaves the continent exposed to possible gas price spikes if winter turns cold. QatarEnergy, the state-owned producer, did not respond to Reuters at the time of reporting.