The head of the Ministry of Energy of Qatar predicted the imminent announcement of force majeure by gas exporters

Gas exporters, whose activities are based in the Persian Gulf, may declare a form majeure within a few days and completely stop production, which will affect the increase in prices for their products. This was announced on March 6 by Qatar's Energy Minister Saad Sherida al-Kaabi to the Financial Times (FT) newspaper.

"We expect that everyone who has not yet announced force majeure will do so in the next few days, if the situation does not change. All exporters in the Persian Gulf region will be forced to declare force majeure," he said.

The minister noted that if the conflict between Iran, the United States and Israel does not stop, its consequence will be "the collapse of all the economies of the world." According to the forecasts of the head of the Qatari Ministry of Energy, if the worst-case scenario develops, the cost of oil per barrel will be approximately $150.

Al-Kaabi noted that Qatar, which has suspended its export obligations, will need "weeks to months" to return to its normal cycle in the event of a cessation of hostilities in the Middle East.

A protracted conflict in the Middle East will lead to a new energy crisis. And here's why

On March 2, some major oil companies and leading trading houses suspended the supply of crude oil and fuel through the Strait of Hormuz amid ongoing Israeli and US strikes against Iran, which they are carrying out as part of the military operation Lion's Roar. Among them is the Qatari state—owned company QatarEnergy, 82% of which buyers are from Asian countries. It was emphasized that Qatar produces approximately 20% of the world's liquefied natural gas (LNG).

Four days later, Bloomberg pointed to an increase in Urals crude oil prices. On March 3, it also reported on a strike carried out by Iran as part of the "True Promise-4" retaliatory operation at the Fujairah oil port in the United Arab Emirates (UAE). This facility was reported to be a key oil storage and trading center in the Middle East. Some time later, on March 6, Soar Atlas satellite images recorded the effects of these strikes.

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