Qatar’s first-half revenues fall 42% as Hormuz closure and Ras Laffan damage disrupt exports; emir says spending cuts spared essential services and priority projects

Qatar’s Emir Tamim bin Hamad Al-Thani said Tuesday that the country’s revenues fell 42% in the first half of the year, while government spending dropped 14% without affecting essential services or priority development projects.

The decline comes as the closure of the Strait of Hormuz and damage to energy facilities in Ras Laffan disrupt a significant portion of Qatar’s exports. Qatar accounts for about one-fifth of global liquefied natural gas trade, making the disruption a potential source of volatility in energy markets worldwide.