Qatar energy minister warns war will force Gulf to halt energy exports within weeks

Qatar's Energy Minister, Saad al-Kaabi, warned that if the conflict in Iran continues, all Gulf energy producers might stop exporting within weeks. He shared this information in an interview with the Financial Times published on Friday. Qatar paused its liquefied natural gas (LNG) production on Monday due to ongoing Iranian strikes on Gulf nations in response to attacks by Israel and the U.S. Qatar’s LNG output accounts for around 20% of the global supply and is crucial for meeting the energy needs of both Asian and European markets. Kaabi stated, “We expect that everyone who has not declared force majeure will do so in the next few days if this situation continues. All exporters in the Gulf will need to declare force majeure.” He added, “If this war lasts for a few weeks, it will affect GDP growth globally. Energy prices will rise, and there will be shortages of certain products. This will lead to a chain reaction where factories can't supply.” Kaabi also mentioned that even if the conflict were to end right away, it would take Qatar "weeks to months" to return to normal delivery schedules. Experts have pointed out the potential global economic effects of the war. As CEO of QatarEnergy, one of the largest LNG producers, Kaabi noted that the company’s North Field expansion project would face delays in its first production.