Qatar has become one of the hardest-hit economies since the war between the US and Iran. The export of liquefied natural gas, which is produced by the state-owned company Qatar Energy, has fallen by 96%, Reuters reports.
Since the beginning of the war, the country has managed to export only 18 cargoes of liquefied natural gas, compared with 509 cargoes during the same period last year, according to data from the energy analysis company. ISIS market.
Meanwhile, two tankers were also attacked, which further complicated the cost of gas from the country, Reuters recalls.
Qatar has already lost about $24 billion in gas sales due to the conflict. According to Reuters calculations, this is equivalent to approximately five months of the country's income, based on data for 2025.
Supplies began to shrink after the start of the war in Iran in late February. The main reason is the almost complete cessation of traffic through the Strait of Hormuz, through which almost a fifth of global fuel trade passes.
For Qatar, this is a particularly serious problem, as the country relies heavily on sea transport to reach its vast markets in Asia and Europe. The number of LNG tankers that Qatar ships has reduced sharply since the start of the war, as traffic through the Ormuz Stream has been virtually blocked.
The scale of the problem is most clearly seen when looking at the situation before the war, when Qatar supplied about a fifth of the daily supplies of liquefied natural gas in the world. This part of the quantity is compensated by the USA, whose gas supplies are growing.
As early as March 20 of this year, Qatar Energy CEO Saad Sherida Al-Kaabi stated that Iran's military strikes had led to the loss of 17% of Qatar's capacity for exporting liquefied natural gas. He estimated the damage to Qatar Energy at $20 billion.
Then the Iranian attacks damaged two of Qatar's 14 LNG production lines, as well as one of its two gas-to-liquids plants.
US increases gas supplies
Since the start of the war, US liquefied natural gas companies have signed 10 deals with a total volume of 7.27 million tons per year. Six of the deals, brokered by US firm Venture Global, are expected to begin deliveries as early as 2026, Reuters reported.
The US is also increasing deliveries to Asia, a market that has traditionally relied heavily on gas from Qatar.
This changes the balance of the global gas market - Qatar loses access to key markets, while American producers get a chance to increase sales.
Europe left vulnerable before winter
The continent's gas reserves have fallen to a record low for this time of year. According to data from Gas Infrastructure Euro, gas storage facilities in the EC were 62.99% full by the end of August, significantly below the average of 79% for the last five years.
Gas storage facilities are one of Europe's main reserves in times of high demand or supply disruptions. They typically provide around 25-30% of the gas the EC needs during the winter, thus reducing the need for additional imports and helping to limit price shocks.
Following the 2021-2022 gas crisis and the Russian invasion of Ukraine, the EC tightened its reserve rules. Currently, countries must aim for 90% storage capacity, but now they have more flexibility - the target can be reached between October 1 and December 1.
According to Reuters, a prolonged drop in temperatures in Europe could increase pressure on the market and lead to a new natural gas shortage. gas.
The best price for natural gas in Europe is the Dutch TTF, above 66 euros per megawatt at the end of last week, it is around 29 euros in the beginning of the year. This means that the price has more than doubled since the beginning of 2026. The growth is driven by growing concerns that shipping through the Strait of Hormuz could remain disrupted into the winter.
The conflict in the Middle East is thus changing the picture of the global energy market. Qatar is losing billions from oil exports, American producers are increasing their supplies, and Europe must prepare for winter with unusually low stocks.