{"id":"f-80ae245e0c-ef45e502-b6e8-5187-ba08-54b36373104f","title":"Oil At $150 In Weeks? Qatar Minister Sounds Alarm As West Asia War Chokes Global Supply","description":"Qatar's energy minister said the full extent of damage to the Ras Laffan facility was still being assessed and that it was unclear how long repairs would take.","timestamp":1772802466,"category":"international","headline":"Oil At $150 In Weeks? Qatar Minister Sounds Alarm As West Asia War Chokes Global Supply","modifiedHeadline":"Oil at $150? Qatar sounds alarm as war escalates","subCategories":["scid_edbc7f13"],"subcategoriesName":["Economy"],"region":"IN","bundleMetaData":{"bundleId":"c80449a0-0ad6-472b-8d17-5747dd8f5c83","bundleTitle":"Around the globe","cardData":null},"iabCategoryId":"389","iabCategoryName":"War and Conflicts","fcSummary":"qatar's energy minister warns of severe economic repercussions from the west asia conflict, potentially driving oil prices to $150 a barrel and disrupting global gdp growth. the war has already forced qatar to declare force majeure after an attack on its lng facility, with other gulf exporters likely to follow. disruptions to the strait of hormuz could trigger extreme price spikes, and widespread industrial shortages are anticipated if hostilities persist.","summary":"Qatar warns oil could hit $150/barrel as conflict disrupts supply, impacting global economy & LNG exports. Repairs may take months.","ctaUrl":"https://trends.glance.com/newz/news/IN/en/news18/f-80ae245e0c-ef45e502-b6e8-5187-ba08-54b36373104f","sourceUrl":"https://www.news18.com/world/oil-at-150-in-weeks-qatar-minister-sounds-alarm-as-west-asia-war-chokes-global-supply-ws-l-9946153.html","bannerImage":"https://g-mob.glance-cdn.com/public/fc/image/uFSLBRqayEa0.webp","content":"

Qatar’s energy minister sounded a stark alarm over the economic fallout from the escalating West Asia conflict, warning that oil prices could surge to $150 a barrel, Gulf energy exports could grind to a halt

\n\n

and GDP growth worldwide would take a serious hit if hostilities persist for even a few more weeks.

Saad al-Kaabi, who also serves as chief executive of QatarEnergy, told the Financial Times that the war had already forced Qatar to declare force majeure after an Iranian drone strike hit Ras Laffan- the country’s largest liquefied natural gas (LNG) facility- and warned that other Gulf exporters were on the brink of doing the same.

\n\n

Read more: Stranded In UAE Due To Iran-Israel War? SpiceJet Announces Special Flights From Dubai, Fujairah To Mumbai, Delhi, Pune

\n\n

“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,” he said, adding, “If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”

The scale of the disruption at Qatar’s end is already severe. Al-Kaabi said the full extent of damage to the Ras Laffan facility was still being assessed and that it was unclear how long repairs would take. Even in the best-case scenario- an immediate end to hostilities- he warned it would take “weeks to months” to restore normal export operations due to logistical chaos.

\n\n

“Our ships are all over the place,” he said, noting that only six or seven vessels from Qatar’s fleet of 128 LNG carriers were currently available to load cargo.

The most alarming scenario centres on the Strait of Hormuz- the narrow waterway through which roughly one-fifth of global oil and gas shipments pass. Al-Kaabi forecast that crude prices could reach $150 a barrel within two to three weeks if tankers remain unable to transit the strait, while natural gas prices could climb to $40 per MMBtu, nearly four times pre-war levels.

\n\n

Read more: ‘Not Holding Back’: US Military Strikes, Sets On Fire Iranian Drone Ship The Size Of WWII Carrier | Video

Traffic through the strait has slowed significantly since the United States and Israel launched military strikes on Iran. At least 10 ships have reportedly been hit, insurance costs have surged and shipping companies have grown increasingly reluctant to risk the passage.

“The way that we are seeing the attacks, bringing ships into the strait… it’s too dangerous,” al-Kaabi said, adding, “It’s too close to the shore to bring ships in.”

\n\n

Al-Kaabi said QatarEnergy shut down production primarily on safety grounds after its military warned of an imminent threat to offshore facilities. Around 9,000 workers were evacuated within 24 hours of the strike.

“When we have our people in danger and we’re actually being hit in a military zone and we can’t work anymore, and we can’t put our people in harm’s way, we have to declare force majeure,” he said.

Track US-Israel-Iran War LIVE Updates here

He was unequivocal on when production would resume: only when the military confirms a complete cessation of hostilities.

\n\n

“We are not going to put our people in harm’s way,” he said.

Al-Kaabi’s most sweeping warning was reserved for the broader global economy. Gulf producers supply not just oil and gas but also vast quantities of petrochemicals and fertiliser feedstocks that feed manufacturing supply chains worldwide.

“This will bring down the economies of the world,” he told the Financial Times, adding, “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.”

\n\n

He cautioned that industrial shortages would ripple far beyond the energy sector.

“There will be shortages of some products and there will be a chain reaction of factories that cannot supply,” he said.

","readDurationInMinutes":"6","author":{"name":"News18","logo":"https://glance-mob.glance-cdn.com/public/bubble/png/93a0a932-2fe3-40ed-bfdb-4582706f8183.jpeg"},"ism":false,"analyticsResponses":[],"pointerSummary":["Qatar’s energy minister warns oil could hit $150/barrel if conflict persists.","Iran's drone strike forced QatarEnergy to declare force majeure, impacting LNG exports.","Wider global GDP growth is threatened if hostilities continue for weeks."],"tags":["OilPrices","WestAsiaConflict","Qatar","EnergyCrisis","RasLaffan","LNG","SaadAlKaabi","QatarEnergy","StraitOfHormuz","GlobalEconomy","ForceMajeure","SupplyChainDisruption","Geopolitics","CrudeOil","NaturalGas"],"consent":true,"redirectionEnabled":false}

Oil At $150 In Weeks? Qatar Minister Sounds Alarm As West Asia War Chokes Global Supply

SUMMARY