Frank Rondel
Qatar’s Energy Minister Saad bin Sherida Al Kaabi has warned that ongoing hostilities involving Iran could force all Gulf energy producers to suspend exports within weeks if oil prices reach $150 per barrel, reports customreceipt.com, via Reuters. The statement came in an interview published Friday with the Financial Times, amid heightened tensions in the Gulf region. Qatar temporarily halted its liquefied natural gas (LNG) production on Monday, responding to Iranian attacks on Gulf countries, which were carried out in retaliation for Israeli and U.S. operations.
Qatar’s LNG output represents approximately 20% of the global supply, underpinning energy stability in both Asian and European markets. Minister Al Kaabi, who also serves as CEO of QatarEnergy, one of the world’s largest LNG producers, indicated that if the conflict persists, all exporters in the Gulf will likely declare force majeure within days. “Everybody that has not called for force majeure we expect will do so in the next few days if this continues. All exporters in the Gulf region will have to call force majeure,” he stated to the Financial Times.
Kaabi highlighted the broader economic implications of a continued conflict, saying, “If this war continues for a few weeks, GDP growth around the world will be impacted. Everybody’s energy price is going to go higher. There will be shortages of some products, and there will be a chain reaction of factories that cannot supply.” He emphasized that even if hostilities were to cease immediately, Qatar would require several weeks to months to return to normal delivery schedules.
He also confirmed that QatarEnergy’s North Field expansion project would face delays. Initially slated to begin production in mid-2026, the expansion’s timeline could be affected depending on the conflict’s duration. “It will delay all our expansion plans for sure. If we come back in a week, perhaps the effect is minimal. If it’s a month or two, it is different,” Al Kaabi explained.
The minister further forecasted that crude oil prices could escalate to $150 per barrel within two to three weeks if maritime traffic through the Strait of Hormuz—a critical passage connecting the Gulf’s top oil producers with the Gulf of Oman and the Arabian Sea—were blocked. Gas prices are also expected to climb to $40 per million British thermal units, reflecting the potential strain on global energy supply chains.
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