Qatari Energy Minister Saad Al-Kaabi cautioned that war in Iran and affecting the region could devastate global economies, forecasting that all Gulf exporters would halt output within weeks and oil would hit $150 a barrel, the Financial Times said on Friday after interviewing him. Al-Kaabi, who is also President and CEO of QatarEnergy, warned that ongoing developments could “bring down the economies of the world.” “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 warned LNG recovery would take “weeks to months” even if war ended. Also, he predicted gas prices would reach $40 per MMBTU as Asian buyers outcompete Europe for limited supplies and other Gulf exporters struggle to meet obligations.
NN: This is a BIG shit. I do not belie they can get the straights opened that fast. And that means we have a great potential for a great oil shock.