HE Eng. Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, United Arab Emirates, and H.E. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, State of Qatar; President and CEO, QatarEnergy, recently debated key industry issues at the Atlantic Council Global Energy forum.
Minister Al-Kaabi said gas supply and demand pressures started before the war in Ukraine, where a lack of investment caused shortages. While last year saw sharp spikes in prices, they have since reduced, primarily due to the mild European winter.
“And there is storage – I mean, ample storage – but luckily, they haven’t had a very high demand for gas due to the warmer weather,” he said. “The issue is what’s going to happen when they want to replenish their storages in this coming year and the next year. There isn’t much gas coming into the market until 2025, 2026, 2027. So I think it’s going to be a volatile situation for some time to come.”
The biggest worry, as an oil and gas producer, is “demand destruction”, whether it’s gas or oil.
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