Qatar Petroleum (QP), the world’s largest exporter of liquefied natural gas (LNG) is conducting “business as usual” despite the diplomatic crisis that has seen it isolated by three of its GCC neighbours.

QP said it had “activated its business continuity plans to mitigate the impact of any action” that could hamper its ability to continue to supply its global customers.

States including Saudi Arabia, the UAE, Egypt, Bahrain have cut off air, land and sea connections to Qatar and sanctioned dozens of dozens of Qatari organisations for alleged links to Islamist militants.

Concerns over disruptions to gas supplies were raised when an LNG cargo was diverted from the US to Dubai after the UAE banned Qatari ships from entering its ports. On 8 June reports claimed that two tankers bound to the UK from Qatar changed course, causing a spike in UK gas prices.

“We are closely monitoring and assessing all developments, and are prepared to take the necessary decisions and measures, should the need arise, to ensure that we always honour our commitments and obligations to all our customers and partners locally, regionally, and internationally,” QP said in a statement.

Qatari LNG represents more than 30 per cent of global trade and is a significant supplier of gas to major Asian and European economies including China, Japan, India, France and the UK, as well as Kuwait, the UAE, Jordan and Egypt.

Qatar is also an important supplier of gas to the UAE via the undersea Dolphin Energy pipeline, and exports crude oil as part of Opec.