Four countries including Saudi Arabia have cut diplomatic ties with Qatar over alleged support for Iran and Islamist terror organizations. This includes an apparent embargo of physical trade by the four with Qatar. The broader impact will depend on whether a larger coalition is built. Qatar’s largest export customers are Japan and South Korea. The more significant may be China, however. Qatari exports to China are led by LNG, shipments of which to China have fallen by 6% on a year earlier in the three months to April 30 in favor of Australian and Malaysian supplies.