Qatari Energy Minister Saad Al-Kaabi has expressed severe concerns that the ongoing war in the Middle East could result in a significant collapse of global economies. He predicts that all Gulf countries that export energy might have to cease production within weeks, which could see oil prices soar to 150 dollars per barrel. This alarming forecast highlights the interconnectedness of regional conflicts and global economic stability, suggesting that instability in the Gulf could ripple through international markets.

Al-Kaabi also added that even if the conflict were to cease immediately, it would take 'weeks to months' before Qatar could return to its usual delivery rates. The recent military escalation, particularly an Iranian attack on Qatari energy facilities, has forced Qatar Energy to declare a state of 'force majeure' and halt liquefied natural gas (LNG) production. This has raised concerns about meeting contractual obligations, especially with European nations that are heavily reliant on these energy supplies.

He emphasized that Europe could face significant difficulties as Asian buyers would outbid them for any available quantities of LNG. Al-Kaabi anticipates that other Gulf producers who have not yet declared force majeure will soon have to follow suit if the conflict continues. This situation underscores the fragility of global energy markets, where geopolitical tensions can quickly disrupt supply chains and impact prices significantly, illustrating the urgent need for stability in the region to maintain economic balance globally.