Qatar's Energy Minister Forecasts Significant Price Increases for Oil and Gas
In a recent interview with the British newspaper Financial Times, Qatar's Energy Minister, Saad Al-Kaabi, expressed his expectations that oil prices could escalate to $150 per barrel and gas prices to $40 per million thermal units if the ongoing conflict in the Middle East continues. This prediction was reported by the Qatar News Agency on March 6, 2026, where Al-Kaabi highlighted the potential repercussions of sustained hostilities on global energy markets.
Al-Kaabi stated, "If the current situation persists, we anticipate that exporters in the Gulf region will be compelled to activate force majeure clauses in their contracts." He elaborated that the continuation of military actions in the region could significantly disrupt supply chains, leading to a ripple effect on global economic growth. The energy minister warned that any prolonged conflict would not only increase energy prices but could also result in shortages of essential products, severely impacting industries reliant on consistent supply.
Furthermore, Al-Kaabi emphasized that even if the conflict were to cease immediately, it would take weeks to months for Qatar to restore its energy supply chain to pre-conflict levels. He urged that the ramifications of extended disruptions could potentially lead to a collapse of economies worldwide. In light of these concerns, Qatar Energy announced to its clients that it has declared a state of force majeure due to halting production amid the escalating military tensions between the United States, Israel, and Iran. This declaration has resulted in the suspension of not only LNG production but also various chemical and petrochemical products, including urea, polymers, methanol, aluminum, and others.
As reported by thevoice.ma.
