Qatar's announcement to halt liquefied natural gas production due to the escalating violence in the Gulf has triggered a surge in European gas markets. The Dutch TTF, the benchmark index in Europe, has soared by almost 50% this Monday, surpassing 45 euros per megawatt-hour. This is a record high that was previously exceeded only during the Ukraine crisis. Since then, it had only been surpassed on specific days during the winters of 2023 and 2024.
Europe is one of the largest buyers of Qatari gas, accounting for over 20% of its exports. Qatar's role in Europe's gas supply is relatively significant. With a 6% share, this country was the EU's fourth-largest supplier of liquefied natural gas (LNG) in the third quarter of 2025 (latest available data), behind the United States, Russia, and Algeria.
Despite market panic, analysts are focusing on the timeline and argue that the impact of this new scenario on consumers will not be immediate, depending on its duration and the escalation of the Gulf conflict. Nevertheless, Europe has already taken action.
The EU's gas coordination group has called for an emergency meeting this Wednesday, as reported by Reuters. The purpose of the meeting is to monitor the developments of the attacks in the Middle East and assess the potential impact of the conflict on European territory.
This advisory group serves as an advisor to the European Commission on supply security. It was established over 10 years ago to facilitate the coordination of natural gas supply measures among Member States and monitor the filling levels of their storage facilities. It includes representatives from various European governments, European Energy Regulators (ACER), network operators, and industry and consumer spokespersons.
A residual gas for Spain
For Spain, Qatar is the sole supplier of liquefied natural gas from the Middle East, meaning fuel in liquid form transported by ship.