Doha: HE Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, Eng. Saad bin Sherida Al Kaabi, has issued a stark warning that the persistent conflict in the Middle East will compel Gulf nations to cease energy production and exports within a matter of days.

According to Qatar News Agency, in a recent interview with the Financial Times, HE Al Kaabi expressed concerns that the continued hostilities could result in oil prices soaring to USD 150 per barrel, while gas prices might escalate to USD 40 per million British thermal units (MMBtu). "Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure," stated HE Al Kaabi.

He further elaborated on the potential global economic repercussions, 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 Al Kaabi also mentioned that even if the conflict were to cease immediately, it would take Qatar "weeks to months" to return to a normal cycle of deliveries. He cautioned that a prolonged disruption could severely affect global energy markets, potentially leading to a "collapse of the world's economies." The North Field expansion project is expected to face delays, with HE Al Kaabi noting, "It will delay all our expansion plans for sure."

Qatar has already declared force majeure and halted liquefied natural gas production as of last Monday, amidst ongoing attacks from Iran targeting its territory and other Gulf states.