Qatar, the world's largest producer and exporter of liquefied natural gas, confirmed on Monday that it is "unhappy" about the rising gas prices. State Minister for Energy Affairs Saad Sherida Al-Kaabi told reporters on Monday, "I am not happy about the rising gas prices. This is negative for customers, and customer satisfaction is the most important thing to me." Al-Kaabi also expressed his "concern" about the winter in Europe, confirming that "stocks" are at a low level there. The Qatari minister mentioned that his country has reached "maximum" levels concerning gas supplies, noting that it produces 77 million tons annually.
European and British gas prices saw an increase of more than 25 percent last week, driven by rising demand as winter approaches in the Northern Hemisphere. The rise in gas prices, alongside oil prices reaching record levels this week, has triggered global concerns about rising inflation. Demand for gas is also increasing in Asia, particularly from China.
Qatar withdrew from the Organization of the Petroleum Exporting Countries (OPEC) in 2019. This decision came amid a Gulf crisis after Saudi Arabia, the UAE, Bahrain, and Egypt severed ties with Doha in June 2017, accusing it of supporting extremist groups, allegations Qatar denied. These countries restored relations with the wealthy emirate in January following diplomatic efforts by former U.S. President Donald Trump's administration. However, Al-Kaabi reiterated on Monday that his country does not intend to return to the organization.
The profits obtained by the emirate from the gas sector have contributed to making it one of the wealthiest countries in the world, and it has managed to win the right to host the upcoming 2022 FIFA World Cup.
