The energy and oil ministers of Qatar, Saudi Arabia and Iraq put forward their future visions of the oil and gas market and expectations of demand and energy supplies in global markets during the coming period, during the forum discussion that was held under the title “The Energy Minister’s View”.
His Excellency Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Energy, confirmed that the demand for gas from the expansion projects in the North East Field and the North South Field is very large. “We are on the verge of producing 126 million tons by 2026,” he said. On the possibility of Qatar increasing its capacity to more than 126 million tons annually, the Minister of State for Energy Affairs said, “When the right time comes and we can do that technically, we will definitely do more.”
With regard to future supplies of energy in the world, the Minister of State for Energy Affairs said, “We have to study matters in a careful way to achieve economic stability in light of the crises experienced by some countries of the world, and we are on the verge of producing 126 million tons by 2026.”
Regarding his future expectations, Al-Kaabi warned that government policies in the field of energy transfer will discourage investment in fossil fuels, and will lead to a scarcity of natural gas in the next decade, including in Europe.
And he predicted a significant shortage of gas in the future, “Mostly, this shortage will be due to the transmission of energy, which we say is very aggressive.”
“Economic stability and environmental responsibility are not mutually exclusive,” he said. You must have both.’
“The only thing that saved humanity and Europe this year was the warm winter and the slowdown in the economy around the world,” he added. If the economy returns in 2024, the worst is yet to come.
The Minister of State for Energy Affairs expressed his happiness at the closing statement of the Group of Seven on the need for more liquefied natural gas for global consumption.
For his part, Prince Abdulaziz bin Salman, Minister of Energy in the Kingdom of Saudi Arabia, affirmed the continuation of work on the OPEC + agreement, in accordance with the preemptive and preventive measures taken by OPEC and its allies, regardless of any criticism.
“We have to deal with matters realistically and have a proactive view of what might happen in the future in the global economy,” he said. He added that OPEC + will remain vigilant and proactive in global markets.
For his part, His Excellency Mr. Hayan Abdul Ghani, Iraqi Oil Minister, stressed the importance of adhering to the OPEC + agreement, despite the economic difficulties that Iraq is going through.
He added that Baghdad is waiting for a final response from Turkey before pumping oil through the port of Ceyhan, adding, “The Turkish government has informed us that it is assessing whether the pipeline was damaged as a result of the devastating earthquake that occurred last February, and that a technical team is assessing the situation.”
