DOHA,(Parliament Times):
Saad Sherida Al-Kaabi, Qatar’s Minister for Energy Affairs, has warned that continued escalation in the Iran conflict could force Gulf energy producers to suspend exports within weeks, potentially driving global oil prices to $150 per barrel.
In an interview with the Financial Times published on Friday, Kaabi said that if the conflict continues, energy exporters across the Gulf region may soon declare force majeure — a legal measure allowing companies to halt contractual obligations due to extraordinary circumstances.
The warning comes after Qatar halted its liquefied natural gas (LNG) production earlier this week amid ongoing retaliatory strikes by Iran on Gulf states following military actions by Israel and the United States. Qatar’s LNG output accounts for nearly 20 percent of global supply, making it a critical player in meeting energy demand across Asia and Europe.
Kaabi cautioned that if the war drags on for several weeks, it could significantly affect global economic growth. Rising energy prices, supply shortages, and disruptions to manufacturing chains are likely consequences, he added.
He also noted that even if the conflict ends immediately, it could take weeks or even months for Qatar’s LNG deliveries to return to normal levels.
The energy minister, who also serves as CEO of QatarEnergy, said the ongoing crisis could delay the company’s major North Field expansion project, which was expected to start production by mid-2026.
According to Kaabi, oil prices could surge to $150 per barrel within two to three weeks if shipping through the strategically vital Strait of Hormuz is disrupted. The narrow passage is the world’s most important route for transporting oil from major Gulf producers to global markets.
He further predicted that natural gas prices could climb to as high as $40 per million British thermal units if the conflict continues to disrupt energy supplies.