Sign of the times: Qatar — the world's biggest LNG exporter before the war — is now in talks to buy U.S. LNG under long-term contracts.

Intelligence summary

Sign of the times: Qatar — the world's biggest LNG exporter before the war — is now in talks to buy U.S. LNG under long-term contracts. That's a stunning reversal. The Iran war knocked out two of Qatar's 14 LNG trains at Ras Laffan (3–5 year repair timeline, ~$20 billion/year in lost revenue), and the Strait of Hormuz is too dangerous for regular tanker traffic. Result: A 96% drop in exports — just 18 cargoes shipped in six months versus 509 in the same period a year earlier, costing