In order to guarantee supply security and reasonable prices during the global energy transition, more investment is necessary, according to remarks made on Saturday by the energy ministers of Qatar and the United Arab Emirates.
The mild winter in Europe had caused prices to decline, but Saad al-Kaabi, state minister for energy for Qatar, warned that volatility would persist ‘for some time to come’ because there would be little new gas entering the market until 2025.
He added that energy producers were concerned about demand destruction. ‘The issue is what’s going to happen when they (Europe) want to replenish their storages this coming year and the next year,’ he said.
One of the top producers of liquefied natural gas in the world is Qatar. A member of OPEC, the UAE is intensifying its focus on the gas market as Europe looks to replace Russian energy imports following supply reductions brought on by Western sanctions against Moscow over its invasion of Ukraine.
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