Qatar LNG Exports Crater 96% in Wake of Strait of Hormuz Crisis

The scale of the disruption is reflected in shipping data from ICIS, which shows Qatar managed just 18 LNG cargoes during this period, a sharp decline from the 509 shipments recorded a year ago. Beyond the transit blockade, Iranian drone and missile strikes have dealt a physical blow to the Ras Laffan complex. QatarEnergy anticipates the facility—the largest of its kind globally—will require five years to repair, with lost revenue totaling $20 billion annually. Consequently, the firm has declared force majeure on several long-term delivery contracts.

This supply vacuum has fundamentally altered global trade dynamics. Europe, historically dependent on Qatari shipments, now struggles to secure sufficient gas inventories for the upcoming winter. As Asian and European gas prices hit three-year highs, Goldman Sachs analysts warn that European storage levels remain precarious. With 20% of daily global LNG flows trapped, the market has shifted in favor of U.S. producers, who remain outside the conflict zone and are currently capturing the resulting price surge.