Qatar warns oil price could hit $150/barrel in three weeks

Qatar’s Energy Minister Saad al-Kaabi has warned that the escalating Middle East conflict could drive global oil prices to $150 a barrel and trigger a worldwide economic collapse as regional exporters prepare to shut down production.

Qatar’s Energy Minister, Saad al-Kaabi, has issued a dire warning that the widening war in the Middle East could “bring down the economies of the world” if hostilities continue. Speaking to the Financial Times on Friday, March 6, 2026, Kaabi predicted that all Gulf energy exporters would likely be forced to shut down production within weeks, potentially driving oil prices to $150 a barrel and natural gas prices to four times their pre-war levels. The warning follows an Iranian drone strike on Qatar’s Ras Laffan plant—the world’s second-largest liquefied natural gas (LNG) facility—which forced the Gulf state to declare force majeure and halt production earlier this week.

The Minister emphasized that the disruption to global supply chains would be felt far beyond the immediate conflict zone, creating a “chain reaction” of factory closures and product shortages. Even if the military campaign ended immediately, Kaabi noted that it would take Qatar “weeks to months” to return to a normal delivery cycle as damage assessments continue onshore. “Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure,” Kaabi said. “If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”

While Qatar only exports a small proportion of its gas to Europe, the energy minister said the continent would feel significant pain as Asian buyers outbid Europeans for whatever gas is available on the market, and as other Gulf countries find themselves unable to meet their contractual obligations.

“Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure,” Kaabi said. “If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”

Kaabi’s comments reflect rising concern in the Gulf about the economic repercussions of the US and Israel’s war with Iran, which has wreaked havoc across the oil-rich region.

“This will bring down the economies of the world,” he said. “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.”

He said while there had been no damage to Qatar’s offshore operations, the aftermath onshore was still being reviewed.

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