In remarks at the 17th International Energy Forum Ministerial Meeting in Riyadh, Saudi Arabia, which were posted on QatarEnergy’s website, Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, and the President and CEO of QatarEnergy, warned that “we need to keep energy above politics”.
A statement published on QatarEnergy’s website on Sunday highlighted that Al-Kaabi “called for a new world energy order in which energy is kept above politics and is never made a victim or target of conflict”.
The statement pointed out that, in his remarks, Al-Kaabi said the conflict in the Middle East region had caused what is “by far, the world’s worst energy crisis”. He added that many regional energy assets across the region had been targeted, causing tens of billions of dollars in damage and severe volatility in global markets, the statement noted.
In a statement posted on its website back in March, QatarEnergy revealed that it expected damage to its Ras Laffan Industrial City caused by missile strikes .
“If there is one lesson we have learned from the past few months, it is that energy security, as critical as it is to the global economy, remains highly vulnerable and inseparable from geopolitical security,” Al-Kaabi said in his remarks, the statement outlined.
The statement highlighted that Al-Kaabi went on to call on the forum to explore every possible avenue to protect energy infrastructure during times of conflict, saying “it is a real problem that energy infrastructure has become both an economic asset and a strategic military target”.
“Energy security must unite us, not divide us. It must be protected, not weaponized,” he added.
The 17th International Energy Forum Ministerial Meeting was convened under the theme Energy Security – A Shared Responsibility: Market Fundamentals, Supply Chain Resilience, and the New Dynamics of Demand and Supply, the statement pointed out.
The meeting was opened in the Saudi capital by Prince Abdulaziz bin Salman Al Saud, the Minister of Energy of the Kingdom of Saudi Arabia, and with the participation of energy ministers, invited government representatives, industry leaders, and international organizations, the statement revealed.
Hormuz Crisis Stretches Into 8th Month
In an oil and gas report sent to Rigzone by the Macquarie team on Friday, Macquarie strategists, including Macquarie Energy Strategist Walt Chancellor, noted that, “with the current Hormuz crisis stretching into its eighth month”, Macquarie was “increasingly seeing medium/long-term implications to oil and gas fundamentals”.
“In the oil upstream, we have seen early indications of a meaningful U.S. supply response, majors leaning in on an expanded opportunity set in Venezuela, and apparent solid, but not spectacular FID [final investment decision] activity offshore,” the strategists said.
“Heavy backwardation may diminish investment appetite somewhat, but deferred prices still look attractive relative to U.S. and international breakevens,” they added.
Looking at LNG, the Macquarie strategists said “a wave of U.S. project FIDs followed shortly after the war”, noting that “LNG Canada Phase 2 was recently sanctioned, and non-U.S. projects (East Africa, PNG) continue to move forward”.
“Further, additional U.S. projects are targeting FID in coming quarters as longer-term spreads between U.S. and European gas have again widened,” they noted.
“Notably, Qatar continues to push forward with its own expansion projects,” they continued.
The strategists went on to state that Qatar “has seen extraordinary developments as a result of the conflict (shut LNG volumes, strikes on Ras Laffan)”.
“By no means is it ‘business as usual’, yet the resilience here is notable and a potential readthrough on energy infrastructure/flows across the region,” they said.
“In a similar vein, Pearl GTL in Qatar has partly restarted, and the recovery of the Saudi East-West Pipeline appears to have met or exceeded expectations,” they stated.
World Petroleum Congress
A separate statement posted on QatarEnergy’s website on Monday highlighted that Al-Kaabi attended the 25th World Petroleum Congress (WPC), which was opened in Riyadh by Al Saud.
The conference and the accompanying exhibition, held from October 11-15, are part of the Riyadh Energy Week, the statement noted, adding that the event is used by global leaders, ministers, and industry executives “as a central stage for high-level dialogue and strategic cooperation in the energy industry”.
“The WPC Energy Congress program provides a neutral platform for debate on energy security, supply resilience, responsible production, and the integration of lower-carbon systems, while recognizing the continued role of oil and gas in energy access and economic development,” the statement added.
“It includes ministerial dialogues focused on the future of energy and the perspectives on global oil and gas markets,” it continued.
Another statement posted on QatarEnergy’s website on Monday highlighted that Al-Kaabi, toured QatarEnergy’s pavilion at the WPC event.
“His Excellency walked through the pavilion’s multimedia displays highlighting ongoing LNG and other energy projects as well as future initiatives designed to help meet the world’s growing needs, all designed to convey QatarEnergy’s vision and achievements,” the statement noted.
“The pavilion includes audiovisual and physical displays of various projects, operations, and initiatives including the North Field Expansion Project, Golden Pass LNG, Al-Shaheen oil field development, various upstream investments, downstream projects like Ras Laffan Petrochemicals and Golden Triangle Petrochemicals, and crucial products like Helium and Urea,” it added.
“The pavilion also highlights QatarEnergy’s newly built state-of-the-art LNG vessels, a future investment undertaken as part of the world’s largest ever shipbuilding program, as well as its sustainability drive bringing together elements and initiatives like solar energy, carbon capture and storage, and turtle conservation, which recognizes that protecting biodiversity is an essential part of QatarEnergy’s sustainability efforts,” it continued.
The statement pointed out that QatarEnergy is a sponsor of the WPC conference and exhibition. The event is organized every three years by the WPC.
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