Qatar’s Energy Minister Saad Al-Kaabi warned that a halt in oil exports from Gulf countries within weeks could push crude prices to around $150 per barrel.
“Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure,” Al-Kaabi told the FT.
He forecast that crude prices could hit $150 a barrel in two to three weeks if ships and tankers were unable to pass through the Strait of Hormuz, which is the world’s most vital oil export route, connecting the biggest Gulf oil producers with the Gulf of Oman and the Arabian Sea.
Qatar’s Energy Minister Saad Al-Kaabi warned that a halt in oil exports from Gulf countries within weeks could push crude prices to around $150 per barrel.
“Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure,” Al-Kaabi told the FT.
He forecast that crude prices could hit $150 a barrel in two to three weeks if ships and tankers were unable to pass through the Strait of Hormuz, which is the world’s most vital oil export route, connecting the biggest Gulf oil producers with the Gulf of Oman and the Arabian Sea.
