Qatar's Moment

One of the world’s richest countries is poised to become even richer

- Cristina Lindblad

As planes begin their descent into Doha, passengers can look down at the new 80,000-seat stadium rising from the desert that will host the final of the World Cup in December. They may also notice another striking image: tankers lining up in the Persian Gulf, waiting to be loaded with liquefied natural gas.

Soccer and superchilled gas are coming together to give a country of only 3 million people an outsize influence on the global stage. The world sat up and took notice when, in 2010, Qatar beat Japan, the U.S., and others in bidding for the rights to host one of the highest-grossing sporting events on the planet.

Now Qatar, which boasts the third-largest reserves of natural gas, stands to reap another windfall. Its energy exports were already on track to reach $100 billion this year for the first time since 2014, according to Bloomberg News calculations. Then Russia invaded Ukraine, setting off a scramble across much of Europe for alternative supplies of gas to replace what’s piped in from Russia. Several of the European Union’s most senior officials have jetted into Doha in recent weeks, all with a clear message: We need your LNG. Moscow’s move at the end of April cutting off exports to Bulgaria and Poland only added to the sense of urgency.

Qatar has begun a $30 billion project to boost its LNG export capacity 60% by 2027. The extra demand means more competition among buyers looking to sign long-term supply contracts and, most likely, better terms for Qatar.