Overview
- The Strait of Hormuz shutdown has left Qatar’s LNG tankers idle for more than two months and choked off most seaborne imports.
- Within a day of the blockade, QatarEnergy said it could not fulfill supply contracts, signaling an immediate hit to export revenues.
- Two weeks after the closure, Iranian missiles and drones struck the Ras Laffan liquefaction hub, cutting capacity by about 17% and pointing to repairs that will take years.
- Food and other goods now arrive by air or by truck through Saudi Arabia, and heavy state subsidies have kept most price rises near 5% to 10% at supermarkets.
- The IMF projects an 8.6% drop in GDP this year, and S&P kept Qatar’s sovereign rating, citing large fiscal and external assets despite collapsing tourism and business activity.