Qatar’s energy minister warns all Gulf producers may halt exports within weeks, potentially driving oil to USD 150 a barrel, as regional conflict escalates.
DOHA: Qatar’s energy minister has warned that all energy producers in the Gulf could be forced to halt exports within weeks if regional conflict continues. Saad al-Kaabi told the Financial Times this could drive oil prices to USD 150 a barrel.
He stated that every exporter in the region would likely declare force majeure in the coming days. “Everybody that has not called for force majeure we expect will do so in the next few days that this continues,” Kaabi said.
The minister added that even an immediate end to the war would cause significant disruption. He said it would take Qatar “weeks to months” to return to a normal cycle of deliveries.
Qatar halted its liquefied natural gas production earlier this week. This was in response to Iranian strikes on Gulf countries, which were retaliation for Israeli and US actions.
The country’s LNG output represents about 20% of global supply. It plays a crucial role in balancing demand in both Asian and European markets.
Kaabi confirmed there had been no damage to Qatar’s offshore operations. However, he noted the aftermath onshore was still being reviewed.
