Qatar energy minister warns all Gulf oil exports could shut within weeks — $150/barrel forecast

Qatar's Energy Minister Saad al-Kaabi gave a stark warning to the Financial Times on Friday morning that the war in the Middle East is pushing the global energy system to the brink. Qatar halted its liquefied natural gas production on Monday after Iran continued striking Gulf countries, cutting off approximately 20% of global LNG supply. Al-Kaabi said: 'Everybody who 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 forecast crude oil prices could hit $150 a barrel in two to three weeks if ships and tankers cannot pass through the Strait of Hormuz. '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 said. He also warned that even if the war ended immediately, it would take Qatar 'weeks to months' to return to normal delivery cycles. Brent crude is currently heading for its biggest weekly gain since 2020, trading near $87/barrel.