Qatar Energy Minister al-Kaabi cautions that the Middle East conflict could cause all Gulf energy producers to have to shut production within weeks, increasing oil to USD 150/bbl, FT reports
- Under such a scenario, gas prices could get to EUR 117/MWh for Dutch TTF.
- Adds, even if the conflict ended immediately, it would take weeks or months for Qatar to return to its usual delivery cycle.
Context
The warning from Qatar's Energy Minister underscores the potential for a significant escalation in the ongoing Middle East conflict, which could severely impact Gulf energy production. Should the situation deteriorate, we might see oil prices spike towards USD 150 per barrel, with gas prices in Europe also potentially soaring. This scenario raises concerns about supply stability, further straining global markets and inflationary pressures.
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