Six months into the military conflict between the U.S. and Iran, Qatar’s liquefied natural gas exports have plunged 96%, resulting in approximately $24 billion in lost revenue, Reuters reported on Wednesday. 

Doha has been forced to halt much of its LNG production — its primary driver of export earnings — due to attacks on oil infrastructure and inability to physically move it to customers, wiping out the equivalent of roughly five months of Qatari government revenue and establishing the state as one of the chief economic casualties of the war.

Meanwhile, the Financial Times reported that Qatar’s economy is projected to contract by 8.6% this year — the steepest downturn among the Gulf Cooperation Council nations — as the Iran war and effective closure of the Strait of Hormuz continue to cripple the nation’s energy sector.

In March, Iran launched ballistic missile attacks targeting Qatar’s Ras Laffan Industrial City — Qatar’s main energy hub and the world’s largest LNG production site — causing extensive damage.

Prior to the war, Qatar served as a cornerstone of the global energy grid and supplied nearly one-fifth of the world’s daily LNG demand. However, unlike neighboring oil exporters, which have managed to navigate limited shipments through the Strait of Hormuz, Qatar’s geography offers few alternative export pipelines or bypass routes for its gas fleet.

Doha has since responded with severe fiscal austerity measures to protect its reserves. The Qatari government has slashed department budgets by up to 30% and cut funding for overseas aid by about 85%.