Qatar News Agency, Citing Minister of State for Energy Affairs, says the ongoing war will force Gulf states to halt energy production and exports within days.
- Continued war could drive oil prices to USD 150 per barrel and gas to USD 40 per million British thermal units (MMBtu).
- We expect all exporters in the Gulf region to declare force majeure within days.
- If the war ends immediately, it will take Qatar weeks to months to return to normal supply levels.
Context
This news indicates a significant escalation in geopolitical tensions that could severely disrupt energy supplies from the Gulf region. If Gulf states halt production and exports, we could see substantial upward pressure on oil and gas prices, potentially sidelining major economies reliant on these imports. Traders should brace for volatility across energy markets and related currencies, as this crisis unfolds.
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