₦airaland Forum

Qatar’s energy minister has warned that the Iran conflict could “bring down the economies of the world” in a new energy crisis.

Saad al-Kaabi predicted that all exporters in the Middle East would shut down production within weeks as a result of the war.

He forecast this would nearly double the price of a barrel of oil to more than $150, dragging down growth in global economies.

Mr Kaabi said it would take Qatar “weeks to months” to ramp up delivers to normal levels even if the war ended immediately.

Qatar, the world’s second-largest producer of liquefied natural gas plant (LNG), was forced to halt output at its Ras Laffan plant following Iranian drone strikes.

It declared force majeure this week, excusing it from fulfilling its contractual obligations after the suspension of production.

Mr Kaabi said this would hit Europe as buyers race to outbid each other for the gas that is available on the market. Qatar supplies around 1pc of UK gas but is a major supplier to Asia.

European natural gas prices have this week risen at their fastest pace since Russia’s invasion of Ukraine in 2022, which triggered a global energy shock.

“This will bring down the economies of the world,” Mr Kaabi told the Financial Times.

“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".

jazzman7711:
QATAR WARNS: Middle East War could ‘bring down the economies of the world’

Qatar’s energy minister has warned that the Iran conflict could “bring down the economies of the world” in a new energy crisis.

Saad al-Kaabi predicted that all exporters in the Middle East would shut down production within weeks as a result of the war.

He forecast this would nearly double the price of a barrel of oil to more than $150, dragging down growth in global economies.

Mr Kaabi said it would take Qatar “weeks to months” to ramp up delivers to normal levels even if the war ended immediately.

Qatar, the world’s second-largest producer of liquefied natural gas plant (LNG), was forced to halt output at its Ras Laffan plant following Iranian drone strikes.

It declared force majeure this week, excusing it from fulfilling its contractual obligations after the suspension of production.

Mr Kaabi said this would hit Europe as buyers race to outbid each other for the gas that is available on the market. Qatar supplies around 1pc of UK gas but is a major supplier to Asia.

European natural gas prices have this week risen at their fastest pace since Russia’s invasion of Ukraine in 2022, which triggered a global energy shock.

“This will bring down the economies of the world,” Mr Kaabi told the Financial Times.

“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".

https://www.telegraph.co.uk/business/2026/03/06/oil-gas-uk-us-iran-ftse-100-markets-latest/#1772790124156

Burob:
The economy of Nigeria is about to take off on a high, thanks to that ignorant minded Trump & gulf war 3.

Aliko Dangote na very wise man, his wealth is about to quadruple.

jamesversion:
It was chance. You think Dangote, a Muslim is happy that Iran is being bombed by Israel and America.??

You simply do not know muslin solidarity.

CaseSensitive:
Oh you don't need Qatar to tell you that the war in Iran will bring down the world economy. You don't have an idea what America has caused.

NothingDoMe:
Oh please. During CoVID all prices crashed to $10 per barrel and the world survived.

seunlayi:
Talk to Iran ti behave. The world has moved

SadiqBabaSani:
Iran is a terrorist state and that is on record, Iran must never own a nuke, Never !!

jamesversion:
It was chance. You think Dangote, a Muslim is happy that Iran is being bombed by Israel and America.??

You simply do not know muslin solidarity.

Burob:
The economy of Nigeria is about to take off on a high, thanks to that ignorant minded Trump & gulf war 3.

Aliko Dangote na very wise man, his wealth is about to quadruple.

maasoap:
They are not claiming we won't survive, understanding of the messages is very important

Burob:
The economy of Nigeria is about to take off on a high, thanks to that ignorant minded Trump & gulf war 3.

Aliko Dangote na very wise man, his wealth is about to quadruple.

Originalsly:
They're right. Iran has been targeting energy sources in the region ....including those in Israel which have already been knocked out....gas plant ..refinery ... nuclear electricity plant. The fear now is the water source. Iran has basically knocked out the Israeli defense system as well as the American advanced THAAD system. They're now almost free to attack anywhere with little resistance. Israel is taking th brunt if the attack ...the MOSSAD HQ....the Defense Strategy planning unit ... etc. Unconfirmed reports are saying Netanyahu has been killed in one of the attacks on Monday. Israel is burning ..taking and sharing of videos of the devastation has been banned. It's that bad.

seunlayi:
Talk to Iran ti behave. The world has moved

Originalsly:
They're right. Iran has been targeting energy sources in the region ....including those in Israel which have already been knocked out....gas plant ..refinery ... nuclear electricity plant. The fear now is the water source. Iran has basically knocked out the Israeli defense system as well as the American advanced THAAD system. They're now almost free to attack anywhere with little resistance. Israel is taking th brunt if the attack ...the MOSSAD HQ....the Defense Strategy planning unit ... etc. Unconfirmed reports are saying Netanyahu has been killed in one of the attacks on Monday. Israel is burning ..taking and sharing of videos of the devastation has been banned. It's that bad.