Qatar's liquefied natural gas exports have collapsed by 96% over the past six months, wiping out an estimated $24 billion in revenue, according to an analysis by The Zioneer. The Gulf state's near-total dependence on the Strait of Hormuz for its LNG shipments left it exposed as the US-led operation in the strait prioritized crude oil tankers over gas carriers. US energy firms, including Venture Global and Cheniere, have filled the vacuum, benefiting from Qatar's reduced market share.
The analysis, published Sunday evening by The Zioneer Intelligence Desk, reveals a dramatic economic consequence of the ongoing US campaign in the Persian Gulf. Qatar, which relies entirely on maritime routes through the Strait of Hormuz for its LNG exports, has seen its shipments drop by 96% over the past six months — an estimated $24 billion in lost revenue.
As The Zioneer reported on August 26, this collapse stems from the US Navy's prioritization of crude oil tankers over gas carriers in the strait, which remains functionally closed to normal commercial traffic under an IRGC blockade. While Saudi Arabia and the UAE can export oil via overland pipelines, Qatar has no such alternative.
US companies Venture Global and Cheniere have moved into the gap, increasing their LNG exports to markets traditionally served by Qatar. The analysis notes that while there is no direct evidence Washington is deliberately punishing Doha, the strategic romance between the two countries continues. Nevertheless, Qatar — after Iran — is the state most damaged by the current conflict, and reduced Qatari influence in global energy markets is a net positive for the West.
- StrongQatar's economic model dealt historic blow: $24 billion wiped from LNG revenue in six months, analysis finds
- DevelopingUS Blocks Qatari LNG Exports Over Use of Iranian Route in Strait of Hormuz, Report Says
- DevelopingTanker Trackers data shows Iran's crude oil exports completely halted since Strait of Hormuz closure
- DevelopingQatar suspends efforts to revive LNG production after Iranian attack on its tanker
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