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Wednesday, March 3, 2021

Qatar’s former energy minister: Oil prices will rise again

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Former energy minister Abdullah Bin Hamad Al-Attiyah
Former energy minister Abdullah Bin Hamad Al-Attiyah

Qatar has weathered low oil prices before and its projects are not currently “under pressure” because of them, a senior government official has said.

Speaking to the Gulf Times this week, Abdullah bin Hamad Al-Attiyah, former Minister of Energy and Industry and currently an advisor to the Emir, said:

“Yes, energy prices are low…but this is not the first time it is happening and it will not be the last either. In the 90s, oil price had fallen below $6; the current price is also much lower than it was last year, or in 2014. But oil prices are cyclical. They will rise again. It is a matter of time before that happens.”

However, earlier in the day during a panel session at the Brookings Institute he said that preparing for when Qatar’s large natural gas reserves run out, or cease to provide financial support, is a “top priority.”

For example, the nation has put an emphasis on education and economic diversification, he said.

“We know oil and gas are a depletable resource. Our oil and gas resources will take us to another 100 years or more. For a person, this may look a long time. But for a nation, 100 years is short.”

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