Qatar Loses $24 Billion in LNG Sales Six Months Into the Strait of Hormuz Crisis

According to Reuters calculations published Wednesday, 4 Shahrivar 1405 (August 26, 2026), and carried by Oilprice.com, Qatar has lost about $24 billion in sales six months since the Strait of Hormuz crisis crippled its liquefied natural gas exports, with shipments down as much as 96 percent. Citing data from analytics firm ICIS, Reuters said the number of LNG cargoes Qatar managed to export fell to just 18, down from 509 cargoes in the same period a year earlier.

According to Oilprice.com, the de facto closure of the Strait of Hormuz has trapped about 20 percent of daily global LNG flows, and drone and missile strikes on regional energy infrastructure have damaged Qatar's main liquefaction complex, Ras Laffan. State firm QatarEnergy estimates the damage could cost about $20 billion a year in lost revenue and take up to five years to repair, and it has been forced to declare force majeure on some long term LNG contracts for up to five years. The report said the drop in Qatari cargoes has left Europe struggling to fill its gas storage sites ahead of winter.