Saad al-Kaabi, the Energy Minister of Qatar, announced that the war in the Middle East could potentially collapse global economies, as he foresees all Persian Gulf energy exporters being on the brink of halting production due to rising tensions. He predicts that oil prices could soar to $150 a barrel (approximately R$ 793.59). Al-Kaabi's alarming comments highlight the precarious situation faced by oil markets amidst escalating conflict in the region, which has an outsized impact on global energy supplies.

In response to recent geopolitical developments, particularly a drone attack on Qatar's largest liquefied natural gas (LNG) facility, the country has declared a force majeure. Al-Kaabi emphasized that even if hostilities were to cease immediately, it would take weeks to months for Qatar to restore normal LNG delivery cycles. As the second-largest LNG producer in the world, Qatar's production is critical, and the disruption raises concerns not just regionally but across global markets.

While Qatar itself exports only a small fraction of its gas to Europe, the Energy Minister noted that European nations could experience significant ramifications. Asian buyers are expected to offer higher bids for any available LNG, potentially outpricing European buyers and exacerbating the energy crisis in Europe. This underscores the interconnectedness of global energy markets and the impact of geopolitical instability on energy prices and availability.