Qatar

On 2nd March 2026, Qatar halted liquefied natural gas (LNG) production following escalating regional tensions involving Israeli and U.S. strikes and Iranian retaliation.

Iran produces roughly 3.3 million barrels per day (bpd) of crude and 1.3 million bpd of condensate and other liquids, accounting for about 4.5% of global oil supply.
Shipping slowed sharply in the Strait of Hormuz, through which nearly one-fifth of global oil supply passes.
Global oil prices surged 13%, crossing $82 per barrel, the highest level since January 2025.
Qatar is a peninsula in the east of Arabia, bordering the Persian Gulf and Saudi Arabia in a strategic location near major petroleum and natural gas deposits.