Qatar warns Middle East conflict could spark global energy shortage and price surge
Mar 6th 2026
Qatar’s energy minister said recent strikes and ongoing conflict have forced an LNG shutdown and could trigger supply squeezes, force majeure declarations by Gulf exporters, and sharp oil and gas price spikes within weeks.
- QatarEnergy CEO and energy minister Saad al-Kaabi warned the ongoing Middle East fighting could reduce global GDP growth if it continues for weeks.
- Qatar suspended LNG production on March 2 after Iranian strikes hit Gulf energy facilities and declared force majeure on deliveries.
- Kaabi said Gulf exporters will likely declare force majeure within days if hostilities continue, risking widespread supply disruptions.
- He warned crude could reach about $150 a barrel within 2 to 3 weeks if ship traffic through the Strait of Hormuz is blocked.
- Kaabi forecast gas prices could rise to around $40 per million British thermal units and said recovery of Qatar output could take weeks to months.
- He cautioned that Asian buyers may outbid Europe for remaining gas, creating added pressure on European supplies.