According to al-Kaabi, even with an immediate end to the conflict in the Middle East, Qatar will require significant time to restore liquefied natural gas supplies that have been affected by Iran's attacks on production facilities in Ras Laffan.
The minister noted that Europe will be the most vulnerable to reduced supplies, as it will have to compete with Asian countries for limited volumes of gas, while regional countries will be unable to fulfill their contractual obligations.
“We expect that within the next few days, all exporters who have not yet declared force majeure will do so. Otherwise, they risk facing legal consequences,” added Saad al-Kaabi.
According to the minister's forecasts, if the Strait of Hormuz remains closed, within two to three weeks, crude oil prices could rise to $150 per barrel, and the price of gas could increase fourfold compared to levels before the onset of the Iranian conflict.
It is worth noting that Tehran has closed the Strait of Hormuz, which could lead to serious consequences for global supplies.
The command of the Islamic Revolutionary Guard Corps (IRGC) has warned that it will attack any vessels attempting to pass through the strait, which applies to all ships without exception.
The Strait of Hormuz is a crucial transport route through which about 20 percent of the world's oil and up to 30 percent of liquefied natural gas exported from Persian Gulf countries, including Iraq, Saudi Arabia, Kuwait, Bahrain, Qatar, and the UAE, to Asian markets passes.
Experts warn that blocking this "corridor" will lead to a sharp spike in energy prices.
