Qatari exports to the European Union and UK have fallen back to pre-2022 levels, as the gas crisis stemming from Russia’s invasion of Ukraine has eased. The reshuffling of global trade flows, including the pull of vast quantities of US LNG into Europe, has brought down European gas prices sharply from 2022’s record levels and reduced the demand for Qatari cargoes.

Latest Qatari revenue figures for Q3 put exports to Europe at $2.57bn, a low not seen since Q3 2021 (see chart). What is true in outright revenue terms is also the case for European trade as a proportion of total exports: Europe’s share of Qatari exports fell to 10% of the total, a return to more ‘normal’ levels. (CONTINUED - 879 WORDS)