QatarEnergy officially declared force majeure on Tuesday, March 24, 2026, on several long-term liquefied natural gas (LNG) contracts, sending shockwaves through global markets. The declaration impacts major customers in China, South Korea, Italy, and Belgium, as the state-owned giant struggles with unprecedented production disruptions caused by the ongoing U.S.-Israeli war on Iran. This legal move allows QatarEnergy to pause its supply obligations due to “unforeseeable events” in this case, direct military strikes and the effective closure of the Strait of Hormuz.
The crisis escalated after an Iranian drone and missile attack on Qatar’s Ras Laffan gas facility last week, which CEO Saad al-Kaabi confirmed wiped out roughly 17% of the nation’s export capacity. The strike damaged two of Qatar’s 14 LNG “trains” and a major gas-to-liquids plant, resulting in an estimated $20 billion loss in annual revenue. Al-Kaabi warned that repairs could take three to five years, permanently sidelining 12.8 million tonnes of annual production. The Iranian retaliation followed an earlier Israeli strike on Iran’s South Pars gas field, the world’s largest, which Qatar shares as an extension of its own North Field.
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