Gulf Energy Shutdown Imminent, Qatar Minister Tells FT

In a stark warning published Friday by the Financial Times, Qatar’s energy minister said the ongoing war in the Middle East threatens to “bring down the economies of the world” — and predicted that every Gulf energy exporter would be forced to suspend shipments within days if the conflict does not stop.

Saad al-Kaabi, who also serves as chief executive of QatarEnergy, made the comments in an exclusive interview with the FT, one of the most consequential statements from a Gulf official since hostilities began. His remarks sent Brent crude rising 2.5% to $87.60 a barrel on Friday morning in Europe, its highest point since the start of the conflict, while European gas prices climbed 5%.

‘All Exporters Will Call Force Majeure’

Kaabi told the FT that Qatar — the world’s second-largest producer of liquefied natural gas — was left with no choice but to declare force majeure this week after an Iranian drone strike hit its Ras Laffan LNG plant, the country’s largest. He said the company evacuated roughly 9,000 workers within 24 hours after receiving military warnings of an imminent threat to offshore facilities.