Qatar revenues fell 42% in first half of 2026 as US-Israel war on Iran disrupted gas exports, while Emir says expansion plans remain on schedule

Qatar’s government revenues fell 42% in the first half of 2026 as the US-Israel war on Iran disrupted gas exports and damaged energy infrastructure, Emir Sheikh Tamim bin Hamad Al Thani told the Shura Council’s annual session in Doha on Tuesday.

Sheikh Tamim said the closure of the Strait of Hormuz and damage to energy facilities in Ras Laffan Industrial City had disrupted a significant share of Qatar’s exports. The crisis had affected public finances, he said, but the country’s long-term plans to expand gas production capacity remained on schedule.

Work on the North Field gas project expansion is progressing according to plan, with the aim of increasing Qatar’s total production capacity to 142 million tonnes of LNG a year by 2030, Sheikh Tamim told the council. He also reported significant progress on the Golden Pass LNG project in the United States, which is being developed in partnership with ExxonMobil. The projects remain central to Doha’s strategy to strengthen its position in global gas markets despite immediate economic difficulties.

The International Monetary Fund forecast on Tuesday that Qatar’s gross domestic product would contract by 15.6% this year. The revenue decline underscores the exposure of public finances to disruptions in energy production and exports. The pace of recovery will depend in part on the security of energy infrastructure and the reopening of vital shipping routes through the Strait of Hormuz.