São Paulo – Qatar’s Minister of State for Energy Affairs, who is also president and CEO of QatarEnergy, Saad bin Sherida Al Kaabi, warned on Friday (6) that the ongoing war in the Middle East will force Gulf states to halt energy production and exports within days, state news agency QNA reported.
QNA reports that the minister told the newspaper Financial Times that the continuation of hostilities could raise oil prices to USD 150 per barrel and gas prices to USD 40 per million British thermal units (MMBtu). According to Al Kaabi, if the war continues for several weeks, it will affect global GDP growth, with energy prices rising for everyone and shortages of some products. He also said that even if the war ends immediately, Qatar will take weeks or months to return to a normal delivery cycle.
Qatar has halted liquefied natural gas (LNG) production, as the country and other Gulf nations have come under attacks from Iran. The suspension was announced on Monday (2) on the energy company’s social media. The following day (3), QatarEnergy reported the interruption of derivatives production. On the 4th, the company declared force majeure to its buyers and said it values its relationship with all partners and will continue to share the latest available information with them.
Read more:
Brazil works to ensure chicken supply to Gulf
Translated by Guilherme Miranda
