...Increased global market volatility and less favorable financing conditions are unlikely to have an adverse impact on Qatar's economy in the short term. A baseline tariff of 10% has been imposed by the U.S. administration on Qatari exports to the U.S., but imports of oil, gas, and refined products, which constitute the vast majority of Qatar's exports, have been exempted from new U.S. tariffs. Moreover, most of Qatar's LNG is exported to Asia. Therefore, we believe direct disruption from U.S. tariffs remains limited for Qatar. Another channel of transmission is weaker oil prices. Since most of Qatar's gas contracts are long-term in nature, the current weaker oil prices will not significantly affect sovereign's credit profile. In addition, strong demand for LNG, a production increase from 2026, and the government's sizable fiscal and external net asset positions will continue to support the rating. We expect Qatar to remain one of the largest exporters of LNG globally. The government plans...
