US Edition
War to force Gulf producers to stop energy exports within days, push oil to $150, Qatar minister says
6 Articles
6 Articles
Iran war ‘could bring down global economy’ after warning of oil price crisis
The bombing of Iranian oil depots, retaliatory strikes across the Gulf and disruption in the Strait of Hormuz is hiking prices, prompting warnings oil could reach $150 a barrel and a gas shortfall in Britain
Istanbul: Energy supplies from Bahrain, Kuwait, Qatar, Iraq and Saudi Arabia, one of the world ' s largest energy producers, have been subjected to a series of emergency actions, including reduced production, declared force majeure and damaged export routes.
Energy Markets React to Persian Gulf Warnings
Warnings from Qatar’s energy minister, Saad al-Kaabi, that all oil and gas production within the Persian Gulf could cease within days have spurred energy markets to begin pricing in the full implications of the ongoing conflict, according to MST Marquee energy analyst Saul Kavonic. Al-Kaabi told the Financial Times that the resulting surge in oil prices could significantly damage global economies. Brent oil prices briefly surpassed $US111 a barr…
The oil price rose to the highest level in 2023, exceeding the $90 threshold for a barrel. The Minister of Energy of Qatar estimated that the oil price could reach $150 on the barrel if the war did not end quickly. Goldman Sachs Bank says that the price could go beyond [...]
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