Qatar’s revenues drop 42% over war, says ruler

Qatar is among the Gulf countries hardest hit by the war, with the International Monetary Fund forecasting a 15.6% contraction in its GDP this year. (EPA Images pic) DOHA: Qatar's revenues fell 42% in the first half of 2026, its emir said on Tuesday, as gas infrastructure and exports took a severe hit during the Middle East war.

Qatar, the world's second-largest exporter of liquefied natural gas (LNG) after the US, lost a "significant proportion" of its exports, Sheikh Tamim bin Hamad Al Thani told in the annual session of the Shura Council advisory body in Doha.

"The closure of the Strait of Hormuz, together with the direct damage inflicted on some energy facilities in Ras Laffan Industrial City, disrupted a significant portion of the country's exports," the emir said.

"It is only natural that the crisis would have a negative impact on public finances, as the total revenues declined by 42% during the first half of the year," he added.

Iranian strikes badly damaged the Ras Laffan site, and Qatar's exports have been hobbled by Iran's blockade of Hormuz – the only route for its LNG shipments.

However, a major expansion of North Field, the world's biggest gas field, is going ahead, the emir said.

"Work on the expansion of the North Field Gas project is progressing according to the set plans," he told the council.

The expansion at North Field, which stretches under the Gulf to Iranian territory, aims to increase Qatar's total production capacity to 142 million tonnes per year by 2030.

The Golden Pass LNG project, being carried out in the United States in partnership with ExxonMobil, has also "made significant progress", he said.

Qatar is one of the Gulf countries hit hardest by the war. On Tuesday, the International Monetary Fund forecast a 15.6% drop in its GDP this year in its latest global report.