Qatar’s energy minister has warned the price of a barrel of oil could double to more than $150, dragging down global economies.
Saad al-Kaabi says the Middle East conflict could result in a new energy crisis.
Currently, oil is trading at around $89 a barrel have risen 6 per cent this morning. That comes after spending most of the year around the $60-$65 a barrel mark.
Mr Kaabi told the Financial Times that such a rise will ‘bring down the economies of the world’.
He added: ‘If this war continues for a few weeks, GDP growth around the world will be impacted. Everybody’s energy price is going to go higher.
‘There will be shortages of some products and there will be a chain reaction of factories that cannot supply.’
He warns Gulf energy exporters could shut down production, and that in turn would drive the price of oil up.
