Qatar's Minister of Energy Saad al-Kaabi warned that the war in the Middle East could collapse the global economy.
In an interview with the Financial Times on Friday, he said that following Qatar, all the countries in the Persian Gulf will begin to halt hydrocarbon production, which will push oil prices up to $150 per barrel.
Even if the war ends immediately, it will take Qatar several weeks to several months to return to a normal supply cycle.
"We expect that everyone who has not yet declared force majeure will do so in the next few days if the situation continues. All exporters in the Persian Gulf region will be forced to declare force majeure. If they do not, at some point they will have to legally bear the responsibility for non-fulfillment of obligations, and that is already their choice," said al-Kaabi.
According to him, due to the war, Qatar will have to postpone plans to expand gas production at the North Field.
"If we return to work in a week, the effect may be minimal; if in a month or two – the situation will be different," the minister said.
The consequences of the closure of the Strait of Hormuz will be felt far beyond energy markets, al-Kaabi said.
"All other trade between the countries of the Persian Gulf and the world will stop, which will have a significant impact on the economies of the region and all trading partners worldwide," he predicted.
